IPS Securex kept at 'buy' with $1.01 target price by RHB

Stock Name: IPSSecurex
Company Name: IPS SECUREX HOLDINGS LIMITED

Research House: RHB

Price Call: BUY

Target Price: 1.01

SINGAPORE (June 9): IPS Securex has received an earlier-than-expected US$4 million ($5.4 million) purchase order for PepperBall propducts, which will contribute to FY2015 net profit after tax.

Growth, however, will be limited by one-off costs from its co-manufacturing partnership.

RHB maintains its "buy" call on IPS Securex at $1.01 target price, a 28% upside and at FY2016 forward price-to-earnings.

The research house cites its purchase order as being a vote of confidence for PepperBall products.