Wednesday, 9 May 2012

MIDF Research maintains Neutral on Hartalega, ups target price to RM7.50

KUALA LUMPUR (May 9): MIDF Research has maintained its Neutral rating on HARTALEGA HOLDINGS BHD [] and raised it target price to RM7.50 (from RM7.06 previously), which it said was derived from Hartalega's higher 3-year historical average PE ratio of 12 times, based on its FY13 estimated EPS of 62.5 sen per share.

“We are of the opinion that at the current price, the stock fairly reflects its fundamentals, thus limiting its upside potential.

“Therefore, we maintain our NEUTRAL call on the stock,” the research house said in a note Wednesday.

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