KUALA LUMPUR: JF Apex Research has raised its target price for Heveaboard Bhd to 64 sen from 42 sen after the particleboard manufacturer returned to profitability.
This was despite the still-fluid outlook for the group’s business amid a new round of global lockdown following the spike in Covid-19 cases.
“We maintain a ‘hold’ call on HeveaBoard with a higher target price. Our revised target price is now pegged at price-to-earnings (PE) ratio of multiple of 18 times based on 2021 forecast earnings per share, which is at its five-year upcycle PE, ” the research house said.
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