Following our FY09-10 earnings downgrade, our target price for KNM is revised downwards to RM0.84 based on PER of 7x FY10 earnings (previously RM1.13 based on a PER of 7x FY10 earnings). We maintain our Trading Buy call given the attractive valuation based on the current share price, which puts the stock at a PER of 3.0x FY10 earnings despite our earnings downgrade.
Wednesday, March 4, 2009
KNM - Maintain Trading Buy (OSK)
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