KUALA LUMPUR: Research firms have raised their target prices for Poh Huat Resources Holdings Bhd due to robust demand for furniture from the United States and backlog orders for delivery until July next year.
Public Invest Research is maintaining an “outperform” call with a higher target price of RM2.15, compared with RM1.80, based on 10 times earnings per share for calendar year 2021 (CY21).
The research house has raised its earnings forecast for financial year ending Oct 31,2021 (FY21) and FY22 by 21% to 30%, respectively, saying that furniture demand from the US is expected to remain solid, driven by an increase in home furnishing spending and trade diversion arising from the US-China trade war.
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