MIDF Research has initiated coverage on Deleum Bhd with a “buy” recommendation with a target price of RM1.36 per share.
“Our target price is based on EPS17 of 13.6 sen pegged to PER17 of 10 times. Our target PER17 is based on its five year historical average rolling PER. At peak valuation, the stock traded at
PERs in excess of 18 times,” the research house said.
MIDF said Deleum managed to remain profitable growing at a compound annual growth rate of about 10% over the past five years despite operating in a very challenging environment.
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“Our target price is based on EPS17 of 13.6 sen pegged to PER17 of 10 times. Our target PER17 is based on its five year historical average rolling PER. At peak valuation, the stock traded at
PERs in excess of 18 times,” the research house said.
MIDF said Deleum managed to remain profitable growing at a compound annual growth rate of about 10% over the past five years despite operating in a very challenging environment.
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