Freight Management’s 1HFY11 results were within our and consensus estimates, with both revenue and earnings at RM147m and RM9.6m respectively as the company reaped the benefits of a recovering economy especially on its sea, air and land freight. Management also enjoyed a one-time tax write back on a parcel of land that was just acquired for its warehousing and distribution segment. With the earnings being in line, we maintain our Buy call and TP of RM1.40 premised on 9x FY11 EPS which gives an upside of 40%.
No comments:
Post a Comment