Hartalega ' Hartalega NGC: Beating The Drums Of War Underperform
Briefing Note
- Longer-term earnings growth would be driven by Hartalega's NGC project, which would add an additional 24.5bn pieces to capacity upon completion in 2021.
- CY12 target PER and fair value raised to 12x (from 10x) and RM7.37 (from RM7.12) respectively on expectations that the successful implementation of the NGC project would see the company shift towards a 'high-volume' nitrile glove manufacturer and thus provide it with larger economies of scale to compete with its larger peers.
Source: RHB Research - 16 April 2012
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