KUALA LUMPUR: AmInvestment Research is maintaining its end-2021 FBM KLCI target of 1, 695 based on 16 times its 2021F earnings projection (+56.7%).
In its strategy note on Wednesday, it said the target was at a discount to its five-year historical average of 18 times.
AmInvest Research explained this was firstly, to mitigate the distortion arising from earnings spikes from glove makers, i.e. Top Glove and Hartalega
in 2021F due to the abnormally high glove selling prices that are not recurring.
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