Saturday 02 Mar 2024
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KUALA LUMPUR (Nov 23): CIMB Research has maintained its Neutral rating on Tomypak Holdings Bhd at RM1.52 with a lower target price of RM1.42 (from RM1.44) and said that at an annualised 103% of our FY13 forecast, Tomypak’s 9MFY13 core net profit was within expectations as the research house foresees a weak 4Q on rising production costs.

In a note Nov 21, the research house interim DPS was 2 sen, in line with its expectations.

CIMB Research said year-to-date, DPS of 6sen had been declared.

Yields are between 5-6%, it said.

“We maintain our EPS forecasts but lower our target price as we roll forward to end-2015, applying a 7.8x CY15 P/E, a 40% discount (previously 30%) to Daibochi’s 2015 13x P/E target.

“The larger discount reflects Daibochi’s much stronger earnings track record. The stock remains a Neutral as earnings outlook is unexciting. We prefer Daibochi,” it said.

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