CGS-CIMB analyst William Tng has reiterated his “add” call on Fu Yu Corporation with a lower target price of 33 cents from 35.5 cents.

The reduction comes as his Gordon Growth-derived price-to-book value (P/BV) rises to 1.59 times from 1.49 times before on FY2021 BV/share.

That said, Tng has raised his earnings per share (EPS) estimates for the FY2021 to FY2023 by 2.1-8.2% on the back of the company’s higher net profit.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook