CGS-CIMB Research upgrades DNex, raises target price to 34 sen

TheEdge Mon, Aug 26, 2019 08:25am - 4 years View Original


KUALA LUMPUR (Aug 26): CGS-CIMB Research has upgraded Dagang NeXchange Bhd (DNex) to “Add” at 26 sen with a higher target price of 34 sen (from 30 sen) and said DNex’s 1H19 results beat expectations at 58% of house FY19F profit but was in line with consensus due to higher-than-expected SIC earnings and lower tax rate.

In a note Aug 23, the research house said it expects stronger net profit in 2H19, driven by robust contribution from IT services and maintenance project and higher production volume by Ping Petroleum (Ping).

“We raise FY19-21F EPS by 13-15%.

“We upgrade DNeX to an Add on better earnings prospects and potential special dividend from Ping divestment,” it said.

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