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CGS-CIMB maintains buy on GVT, but trims target price

Lim Hui Jie
Lim Hui Jie5/26/2022 04:28 PM GMT+08  • 3 min read
CGS-CIMB maintains buy on GVT, but trims target price
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CGS-CIMB analyst William Tng has maintained his “buy” call on Grand Venture Technology after the release of its 1QFY2022 ended March business update on May 6, but has cut the target price from $1.60 to $1.29

Grand Venture’s 1QFY2022 posted a net profit after tax (npat) of $3.6 million, 8.9% higher than $3.3 million in the same period last year.

Revenue for the quarter surged by 41.0% y-o-y to $32.5 million. Gross profit and ebitda increased by 24.9% and 19.5% y-o-y to $9.2 million and $7.8 million, respectively.

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