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Nikkei Markets

MARKET BUZZ: Hong Leong Keeps Buy Call On Malaysia's UEM Edgenta; Lowers TP

By Chong Sin Hao
Nikkei Markets
KUALA LUMPUR (Jun 29) -- Hong Leong Investment Bank keeps Buy call on UEM Edgenta, as share price decline of 28% year-to-date presents opportunity to accumulate; cuts target price to MYR3.34 from MYR3.52 on higher cost assumption. Shares now +1.7% at MYR2.40, after hitting over 2-year low last Friday. "One possibility for Edgenta's share price weakness could be due to the recent fall in oil prices, but management reassured us that Opus has fully impaired the goodwill for its Canadian O&G related operations in 2016," says house in investor note. Earnings kicker from KFM and UEMS acquisitions should largely be seen from 2018 onwards once economies of scale sets in, it adds.
- By Chong Sin Hao; Dave.Chong@nikkeinewsrise.com; +60320267363
- Edited by Lopamudra Bhattacharya
- Send Feedback to feedback@nikkeinewsrise.com
- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.

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