(PETD MK/BUY/RM21.44/Target: RM27.50)
PetDag’s 9M17 profit surpassed expectations, due to a volume recovery and spike in retail margins during the oil price uptrend. More importantly, cash balance had an unexpected boost due to the sale of overseas assets. We retain our forecasts but with an upside bias. Current price level reflects unwarranted concerns on flood disruptions and is attractive on stronger fundamentals and special dividend potential. Maintain BUY with a higher DDM target price of RM27.50.
Source: UOB Kay Hian Research - 13 Nov 2017
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