SINGAPORE (Oct 17): KGI Securities is initiating coverage on IFS Capital with a “buy” recommendation and a target price of 29 cents.

In a Wednesday report, analyst Joel Ng says, “We believe that the turnaround story for IFS Capital has reached an inflexion point, as the company’s profits swing back into the black in 2017 on higher revenue and lower impairment.”

The group appointed new management in 2015 and has since successfully grown it lending business, reduced NPLs and implemented good risk management process in preparation for further growth.

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