PhillipCapital is initiating a “buy” recommendation on furniture manufacturer Koda with a target price of $1.32, following a surge in furniture demand as people start to spend more time at home amid measures to curb the Covid-19 pandemic.

In its latest 1HFY2021 ended December 2020 results, Koda reported an 18.4% y-o-y increase in earnings to US$4.8 million, while revenue gained 15.5% y-o-y to US$39.6 million. Patmi for the period increased 15.7% y-o-y, exceeding FY2020 levels.

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