CIMB starts Chasen Holdings (5NV.SG) at Buy with $0.56 target price, based on 8.4x FY11 P/E, says Dow Jones.

CIMB says provider of relocation services, engineering solutions to manufacturing, construction, marine industries expected to gain from increased demand for LCD TV sets, higher infrastructure spending in China.

“We expect Chasen’s engineering business to benefit from China’s stimulus plans and investment plans to build up the nation’s infrastructure, and Chasen’s relocation specialist business to benefit from more multinational manufacturers resuming their facility build-up in China with an improving global economy,” says CIMB.

Forecasts net profit CAGR of 26% over FY10-FY13.

Shares +2.8% at $0.37.