KUALA LUMPUR (Oct 10): Affin Hwang Capital Research has upgraded Perak Transit Bhd (PT) to “Buy” at RM28.5 sen with a higher target price of 36 sen (from 26 sen) and said recent news flow and its discussions with management point to PT's terminal business remaining resilient, and earlier concerns on the restructuring of the governing body now seem overblown.

In a note today, it said PT's Kampar Terminal Phase 1 is set for completion by end-2018.

“Overall, we like PT for its proven track record in the underserved bus-terminal business, resilient earnings profile, and undemanding valuation of 12.6x 2019E PER,” it said.