Affin Hwang Capital Research Highlights

HwangDBS Research Highlights - 3 Jan 2014

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Publish date: Fri, 03 Jan 2014, 10:24 AM
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This blog publishes research highlights from Affin Hwang Capital Research.

Esthetics International Group; Not Rated; RM1.05
Price target: RM1.40; EIG MK
Growing beauty player

Successful turnaround with new management to drive 3-year earnings CAGR of 40%. Proxy to ASEAN’s growing affluence with new salon expansion and product distributorships. Attractive valuation of 8x FY15 PE (ex-cash); fair value of RM1.40 implies 33% upside.

Source: HwangDBS Research - 3 Jan 2014

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