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Inter-Pacific starts coverage on Serba Dinamik with 'buy' call

TheEdge Mon, Sep 21, 2020 04:48pm - 2 months ago

KUALA LUMPUR (Sept 21): Inter-Pacific Research Sdn Bhd said today it initiated coverage on Serba Dinamik Holdings Bhd shares with a "buy" recommendation and target price of RM2.72 after taking into account the energy services group's resilient earnings and continued growth.

In a note today, Inter-Pacific analyst Daryl Law Shih Shion said Serba Dinamik's forward earnings are expected to be driven by strong engineering, procurement, construction and commissioning segment's contributions from recently awarded projects, barring any development delays.

"Serba Dinamik is undervalued at this juncture, given its strong consistent performance, aggressive order-book growth (company internal target of 20% year-on-year growth), and in comparison [with] its closest peer, Dialog Group Bhd, that is trading at approximately 30x PER (price-earnings ratio), in our view," Law said.

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