DBS Group Research analysts Ling Lee Keng and Chung Wei Le have initiated “buy” on GHY Culture & Media Holding with a target price of $1.

“For the key TV Program and Film Production segment, we peg it to peers’ average of 16.9 times price-to-earnings (P/E). For the Concert segment, we have benchmarked it to UnUsUaL’s P/E of 20 times based on historical pre-Covid-19 earnings,” write Ling and Chung in an April 15 report.

“Implied P/E for FY2021 and FY2022 based on our target price are 19.4 times and 13.9 times, which is attractive against projected strong FY2020-FY2022 earnings compound annual growth rate (CAGR) of 42%,” they add.

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