KUALA LUMPUR (Feb 9): CIMB Equities Research said JCY International’s positive earnings momentum should continue for the rest of FY9/12, judging from recent comments made by major hard disk drive original equipment manufacturers (OEMs).
It said on Thursday that it sees more upside despite its sterling price performance YTD and its forecast remains ahead of consensus numbers.
“At 32% of our full-year forecast, 1QFY9/12 net profit was 5% ahead of consensus and our forecast due to better-than-expected sales. We bump up FY12-14 EPS for higher 2H sales.
“This raises our target from RM1.54 to RM2.22, which is still based on 6x CY13 P/E, in line with comparables. Maintain Trading Buy,” CIMB Research said.
It said on Thursday that it sees more upside despite its sterling price performance YTD and its forecast remains ahead of consensus numbers.
“At 32% of our full-year forecast, 1QFY9/12 net profit was 5% ahead of consensus and our forecast due to better-than-expected sales. We bump up FY12-14 EPS for higher 2H sales.
“This raises our target from RM1.54 to RM2.22, which is still based on 6x CY13 P/E, in line with comparables. Maintain Trading Buy,” CIMB Research said.
