Bursa Malaysia Stock Watch
Kossan Rubber Industries: Upgrade to Buy - Latex Laggard
kltrader
Publish date: Tue, 19 Jun 2012, 08:51 AM
kltrader
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Upgrade to BUY. Share price has fallen 12% (from its peak in Jan 2012) and has also underperformed the two big latex peers by 20% in the past one month. We think this is unjustified, for Kossan is also a beneficiary of declining latex costs and a stronger USD. Trading at a prospective 2013 PER of just 8.6x, valuations are undemanding thus we upgrade Kossan to BUY (from HOLD) with a higher TP of MYR3.75 (+6%), pegging to slightly higher 10x 2013 PER (from 9.5x), in view of the improvement in fundamentals.
Click here for full report
Source: Maybank Research - 19 June 2012
Click here for full report
Source: Maybank Research - 19 June 2012
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