CGS-CIMB raises target price for Freight Management to RM1.27
8/20/2021
CGS-CIMB raises target price for Freight Management to RM1.27
KUALA LUMPUR (Aug 20): CGS-CIMB Research has maintained its “Add” rating Freight Management Holdings Bhd (FMH) at 73.5 sen with a higher target price (TP) of RM1.27 (from RM1.20) and said FMH’s FY6/21 core net profit of RM32 million (+90.6% y-o-y) beat expectations,thanks to higher-than-expected freight volumes in 4QFY6/21.
In a note Aug 19, the research house said that going forward, FMH should post stronger earnings, driven by a recovery in global trade, expansion of service offerings and better cost efficiencies.
“We lift FY22-23F EPS to reflect higher demand for freight services and higher economies of scale, and introduce FY24F EPS.
“Reiterate Add, with a higher TP of RM1.27 (20x CY22F P/E),” it said.
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FREIGHT flying...