Libra Group started at "buy", 33-cent target by OCBC

Stock Name: Libra
Company Name: LIBRA GROUP LIMITED

Research House: OCBC

Price Call: BUY

Target Price: 0.33

SINGAPORE (Oct 27): OCBC Investment Research has started coverage on Libra Group with a "buy" rating and price target of 33 cents, based on 4.8 times projected FY2015 earnings.

Earnings for the Catalist-quoted mechanical and electrical engineering company could jump eight times y-o-y to $4.7 million this year and increase 68% to $7.8 million in 2015, thanks to its new management team, according to OCBC.

Already, Libra's 1H2014 earnings have risen 218% y-o-y to $3 million ever since majority shareholder and CEO Chu Sau Ben took over day-to-day operations in 1Q2014.