Maybank Kim Eng analyst Eric Ong is positive on Sarine Technologies as it posted its best results in the 1HFY2021 ended June since 2014.

He has also increased his target price to 94 cents from 70 cents previously as he rolls forward his valuation on the counter to FY2022.

Sarine Tech’s net profit of US$12.6 million ($17.0 million), which surged 972.4% y-o-y, exceeded the FY2021 estimates forecasted by the brokerage as well as the consensus.

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