KGI Research analyst Kenny Tan has initiated “outperform” on Mainboard-listed Sarine Technologies with a target price of 49 cents, based on 25 times FY2022 earnings per share estimates.

In his report dated May 6, Tan sees the manufacturer and seller of precision products for the evaluation, processing and grading of diamonds and gemstones, as a beneficiary from the recovering diamond market as “sales of rough diamonds are back at healthy levels” from the Covid-19 trough.

“Sarine should benefit from a normalisation of industrial activity,” writes Tan.

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