The Singapore research team at UOB Kay Hian feels there may be a turnaround in sight for AGV Group Limited.

The team notes that the steel galvanising company reversed back into a positive earnings before interest, taxes, depreciation and amortisation (EBITDA) position for the FY2020 and 1HFY2021.

“This was achieved even with the impact from Covid-19. AGV currently trades at a historical 33 times FY2020 enterprise value (EV) /EBITDA,” it writes in an unrated report dated July 13.

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