Published: Wednesday June 27, 2012 MYT 8:49:00 AM
CIMB Research: HELP International remains an Outperform
KUALA LUMPUR: CIMB Equities Research has raised the target price of HELP International to RM2.52 from RM2.25 after delivering solid interim results.
It said on Wednesday that HELP would soon decide on the financing for the RM150mil Subang 2 capex, possibly through a sale and leaseback of assets.
“This should raise more than enough funds, leading possibly to a handsome dividend for shareholders,” it said.
CIMB Research said the annualised H1, FY10/12 net profit was 95% of its forecast, in line with its and market expectations as it expects a stronger second half.
“Our target price rises as we halve our target RNAV discount to 10% as the likely sale of its two buildings would unlock the value of the group's assets. The stock remains an Outperform,” it said.