Stock Name: Sarin
Company Name: SARIN TECHNOLOGIES LTD
Kim Eng Research in a June 29 research report says: "Following our initiation report, Sarin's share price has shot past our previous target price of 91 cents within a month. We were conservative in our valuation considering the illiquidity of the stock prior to our coverage.
"We had postulated that Sarin could be a $3.26 per share stock in more than five years. With these positive developments, this target could be achieved earlier than imagined. Our net profit forecasts for FY2011-2013F are revised upwards by 3-11%.
"We have also reviewed our valuation multiple and believe that Sarin deserves a higher premium as its growth momentum starts to gain traction. Our target price is consequently increased to $1.38, based on 16x PER on revised FY12F EPS. MAINTAIN BUY."
Company Name: SARIN TECHNOLOGIES LTD
| Research House: Kim Eng | Price Call: BUY | Target Price: 1.38 |
Kim Eng Research in a June 29 research report says: "Following our initiation report, Sarin's share price has shot past our previous target price of 91 cents within a month. We were conservative in our valuation considering the illiquidity of the stock prior to our coverage.
"We had postulated that Sarin could be a $3.26 per share stock in more than five years. With these positive developments, this target could be achieved earlier than imagined. Our net profit forecasts for FY2011-2013F are revised upwards by 3-11%.
"We have also reviewed our valuation multiple and believe that Sarin deserves a higher premium as its growth momentum starts to gain traction. Our target price is consequently increased to $1.38, based on 16x PER on revised FY12F EPS. MAINTAIN BUY."
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