KUALA LUMPUR: CGS-CIMB Equities Research raised its end-2020F FBM KLCI target to 1,628, which is based on 15.4 times price-to-earnings (P/E), its earlier target of 1,520 as the ratio of outperformers improved significantly.
In its strategy report issued on Wednesday, it introduced its end-2021F KLCI target of 1,732 which is based on 16.2 times P/E.
“For our top three picks, we replace Tenaga and MPI with Telekom and Inari, while retaining Public Bank. This is in line with our stance that investors should positioned into companies that will benefit from the recovering economy as the impact of the Covid-19 outbreak eases, ” it said.
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