- Results in line. Hartalega's 1QFY3/13 core net profit of MYR55m (+12% QoQ) made up 24-25% of our and the market’s full-year forecasts.
- Its outlook remains promising given strong demand for nitrile gloves, falling NBR input cost and earnings growth from its Plant 6 (to commercialise starting end-2QFY3/13).
- Its forward PER of 14x is also undemanding compared to Top Glove’s historical average PER of 16x. Maintain forecasts, BUY rating and TP of MYR5.00 (15x 2013 PER).
Click here for full report
Source: Maybank Research - 8 August 2012
No comments:
Post a Comment