PETALING JAYA: Recovery is in motion for manufacturer and distributor of cutting tools HPMT Holdings Bhd
after blips in its recent financial performances no thanks to the Covid-19 pandemic.
The company is expected to benefit from the easing of movement restrictions imposed as a result of the pandemic, supported by the various economic stimulus packages here and globally.
In a note to clients yesterday, Hong Leong Investment Bank’s (HLIB) research unit ascribed a higher target price of 62 sen to its stock and said that HPMT’s recovery in financial year ending Dec 31,2021 (FY21) was firmly in motion with higher utilisation rates seen in the first quarter (Q1), within management’s guidance of 65%-75%.
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