KUALA LUMPUR: Kenanga Research upgraded British American Tobacco (M) Bhd
(BAT) to "market perform" on the back of progress from measures introduced in Budget 2021 to control contrabands.
The research house rolled over its valuation based to FY22 and raised its target price to RM14.80, applying a price-earnings ratio of 16x in line with a minus 0.5 standard deviation over its three-year mean.
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