Wednesday, May 13, 2015

Swissco kept at 'add' by CIMB, lifts target price to 61 cents

Stock Name: Swissco Hldg
Company Name: SWISSCO HOLDINGS LIMITED
Research House: CIMBPrice Call: BUYTarget Price: 0.61



SINAGPORE (May 13): CIMB Research is maintaining its "Add" call on Swissco Holdings with a higher target price of 61 cents based on blended valuations.

Its previous target price of 55 cents was based on 7.5 times calendar year 2016 price to earnings ratio.

"The current valuation of 0.8 times calendar year 2015 (CY15) price to book value (P/BV) versus forward return on equity (ROE) of 13% and cost of equity (COE) of 9% is far too pessimistic, in our view," said CIMB analyst Yeo Zhi Bin and Lim Siew Khee.

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