OSK Research raises target price for New Hoong Fatt to RM2.85

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OSK Research raises target price for New Hoong Fatt to RM2.85

Written by OSK Research

Friday, 30 July 2010 08:59

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KUALA LUMPUR: OSK Research has maintained its buy call on NEW HOONG FATT HOLDINGS BHD [] at RM2.29 with a higher target price of RM2.85 (from RM2.62) and said the company's 2QFY10 revenue and net profit for the quarter were in line within its forecasts.

The company's revenue continued to scale new highs, growing organically by double digits, it said.

"We continue to like NHF's stable organic growth. Rolling over our valuation to FY11 EPS and pegging it at a lower PE multiple of 6 times (from 7 times), we derive a target price of RM2.85 (previously RM2.62), with our buy call maintained," it said.

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Last Updated on Friday, 30 July 2010 18:11

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