KUALA LUMPUR (Jan 27): Hwang DBS Vickers Research is maintaining its Buy call on BOUSTEAD HOLDINGS BHD [] and raised the target price to RM6.60 ex-bonus.
It said on Friday it continues to like Boustead as a government-linked conglomerate with strong growth prospects as the company has evolved into a more dynamic entity with lower execution risk.
"Our TP (ex-bonus) is raised to RM6.60 after including contribution from a new hotel, rolling over valuation base to FY12F and our new TP for Affin based on 1.1 times FY12F book value. This values Boustead at 12 times FY12F price-to-earnings and 2.0 times price-to-net tangible assets,” HDBSVR said.
It said on Friday it continues to like Boustead as a government-linked conglomerate with strong growth prospects as the company has evolved into a more dynamic entity with lower execution risk.
"Our TP (ex-bonus) is raised to RM6.60 after including contribution from a new hotel, rolling over valuation base to FY12F and our new TP for Affin based on 1.1 times FY12F book value. This values Boustead at 12 times FY12F price-to-earnings and 2.0 times price-to-net tangible assets,” HDBSVR said.
