RHB Research increased FY21-23F earnings by 63%-103% to reflect higher ASP. This is in line with the industry trend. The higher TP of RM5.70, is in line with better earnings estimates.
KUALA LUMPUR: RHB Research Institute kept its Buy call on Comfort Gloves with a higher target price (TP) of RM5.70, which 38% above its earlier RM4.80 TP.
It said on Tuesday its TP is based on 2021F P/E of 18 times – a 33% discount against peers’ average. This is to reflect its smaller market cap/liquidity vs peers.
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