(PETD MK/BUY/RM24.00/Target: RM27.20)
In its briefing yesterday, PetDag announced that it will continue with its aggressive roll-out of campaigns and innovative partnerships beyond its existing agreements (ie Pos Malaysia, Grab, Samsung, GreenTech etc), to combat the decline in industry volumes. We assessed that investor concerns on the negative impact of MRT developments are unwarranted, as only <2% of PetDag’s stations are located near MRT stations in the Klang Valley. Maintain BUY and DDM target price of RM27.20.
Source: UOB Kay Hian Research - 23 Aug 2017
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