Bursa Malaysia Stock Watch
MEGB - OSK Research lowers Masterskill TP to RM3.59
kltrader
Publish date: Thu, 11 Nov 2010, 10:36 AM
kltrader
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Stock Name: MEGB
Company Name: MASTERSKILL EDUCATION GROUP
Research House: OSK
KUALA LUMPUR: OSK Research has cut its earnings outlook for Masterskill Education Group Bhd following delays in student intake at its two new campuses in Kuching and Johor.
The research house said on Thursday, Nov 11 the delays and also lower margin assumptions necessitate a cut in its earnings forecast for FY10 and FY11 by 13.4% and 12.6% respectively.
'This subsequently lowers our TP from RM4.12 to RM3.59 based on 12x PER on FY11 EPS. However, given the more than 40% upside following the plunge in the share price, we are upgrading our recommendation from Neutral to Trading Buy,' it said.
OSK Research said the execution risk in delivering student growth expectations and concerns over its high dependence on the PTPTN scheme, as well as a potential selldown by its pre-IPO shareholders, especially after the moratorium period ends next week, may continue to haunt the stock.
Company Name: MASTERSKILL EDUCATION GROUP
Research House: OSK
KUALA LUMPUR: OSK Research has cut its earnings outlook for Masterskill Education Group Bhd following delays in student intake at its two new campuses in Kuching and Johor.
The research house said on Thursday, Nov 11 the delays and also lower margin assumptions necessitate a cut in its earnings forecast for FY10 and FY11 by 13.4% and 12.6% respectively.
'This subsequently lowers our TP from RM4.12 to RM3.59 based on 12x PER on FY11 EPS. However, given the more than 40% upside following the plunge in the share price, we are upgrading our recommendation from Neutral to Trading Buy,' it said.
OSK Research said the execution risk in delivering student growth expectations and concerns over its high dependence on the PTPTN scheme, as well as a potential selldown by its pre-IPO shareholders, especially after the moratorium period ends next week, may continue to haunt the stock.
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