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Thursday, November 6, 2014

CIMB Research maintains Add on IFCA MSC, raises target price to RM1.05 (Edge)

CIMB Research has maintained its Add rating on IFCA MSC Bhd at 70 sen with a higher target price of RM1.05 (from 78 sen) and said the 3Q14 net profit was a record high for IFCA.

In a note Nov 5, the research house said that at 178% annualized 9M14 net profit, IFCA’s 3Q results was above house (no consensus) expectations due to higher-than-expected top-line growth.

“We raise our FY14-16 EPS by 36%-100% to reflect stronger top-line growth and target price also rises based on unchanged 21x 2016 P/E(in line with domestic peers).

“The stock remains an Add with potential catalysts such as record 3Q14 net profit and move to Main Board in 2015,” it said.

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