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Published: Monday July 16, 2012 MYT 8:54:00 AM
Updated: Monday July 16, 2012 MYT 9:11:12 AM
Public Invest Research initiates coverage of Uzma, TP RM1.85
KUALA LUMPUR: Public Investment Bank Research has initiated coverage of Uzma Bhd with an Outperform call and target price of RM1.85.
It said on Monday the key re-rating catalysts include (i) 2012 being a turnaround year, (ii) uzmAPRES to launch its sixth and seventh units, further enhancing its earnings growth and (iii) a healthy and growing order book.
"We are valuing Uzma at 8.0 times multiple (20% discount to its historical PE average of 10 times) to its FY13 EPS of 23.1 sen. We think that the discount is justifiable given Uzma's smaller market share compared with other listed O&G companies," it said.
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