Maybank Kim Eng Research, Aug 19
DESPITE muted headline numbers, recent Q2 2013 results were positive, and we remain of the view that growth trends are affirmative and structural margin improvements forthcoming.
We believe the relatively low 8 per cent year-on-year growth for the branded consumer segment is a temporary blip and remain comfortable with our expectation of 17 per cent growth for the full-year.
We make minor upward adjustments to our estimates and correspondingly increase our target price to $1.05. Our target price remains pegged to 25 times FY2014 estimate.
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