CGS-CIMB ups China Sunsine's TP on 'strong start to 2021'

CGS-CIMB Research analysts Ong Khang Chuen and Kenneth Tan have maintained “add” on China Sunsine Chemical Holdings with a higher target price of 66 cents from 61 cents previously, following China Sunsine’s “positive 1Q business update” on April 29.

“Our target price rises to 66 cents, still based on 1.05 times FY2021 price-to-book (P/BV) or 0.5 standard deviation (s.d.) above its 10-year historical mean,” they write.

The company’s net profit of RMB125 million ($25.8 million) for the 1QFY2021 ended March, surged 274% y-o-y, surpassing the analysts’ expectations at 42% of their FY2021 forecast.