DBS Group Research has started Sarine Technologies at “fully valued” due to the headwinds in the diamond industry.
It has also pegged a target price of 45 cents, which is based on an average of the one-year forward P/E at 15.5x FY2022 earnings and a peer P/E of 15.0x FY2022 earnings.
Calling his recommendation “fully justified”, analyst Sachin Mittal says the normalisation of Sarine’s growth, as well as the time needed for downstream contributions to materialise, are also contributing factors to his call.
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