BJFOOD (5196) : RHB Research maintains Buy on Berjaya Food
KUALA LUMPUR: RHB Research has maintained its Buy rating on Berjaya Food with a target price of RM4 based on a fully-diluted 24.6 times FY16F P/E.
In a note on Wednesday, the research house said the group is urrently trading at an undemanding FY16 valuation of 17.8 times P/E relative to its 3-year earnings CAGR of 47.7% over FY14-FY17F.
"We deem Berjaya Food’s 1HFY15 (Apr) earnings of RM11mil within our expectations, making up 32.8% of our FY15 earnings forecasts.
"We expect a stronger 2HFY15 on the back of higher earnings contribution from the full consolidation of BStarbucks, as well as stronger sales underpinned by the holiday and festive season," it said.
The research house expects earnings in 2HFY15 to come in stronger, on the back of higher earnings contribution from full consolidation of BStarbucks, as well as school holidays and festive season.
Year-to-date, there are 182 Starbucks Coffee outlets RHB believes BFood is on track to meet its aggressive expansion of 25 Starbucks Coffee outlets per year till 2019," it added.
http://www.thestar.com.my
KUALA LUMPUR: RHB Research has maintained its Buy rating on Berjaya Food with a target price of RM4 based on a fully-diluted 24.6 times FY16F P/E.
In a note on Wednesday, the research house said the group is urrently trading at an undemanding FY16 valuation of 17.8 times P/E relative to its 3-year earnings CAGR of 47.7% over FY14-FY17F.
"We deem Berjaya Food’s 1HFY15 (Apr) earnings of RM11mil within our expectations, making up 32.8% of our FY15 earnings forecasts.
"We expect a stronger 2HFY15 on the back of higher earnings contribution from the full consolidation of BStarbucks, as well as stronger sales underpinned by the holiday and festive season," it said.
The research house expects earnings in 2HFY15 to come in stronger, on the back of higher earnings contribution from full consolidation of BStarbucks, as well as school holidays and festive season.
Year-to-date, there are 182 Starbucks Coffee outlets RHB believes BFood is on track to meet its aggressive expansion of 25 Starbucks Coffee outlets per year till 2019," it added.
http://www.thestar.com.my
