UOB Kay Hian starts coverage of NATGATE 0270 NATIONGATE HOLDINGS BERHAD, target price at 98 sen
KUALA LUMPUR (Jan 12): UOB Kay Hian Securities has initiated coverage of ACE Market-bound NationGate Holdings Bhd with a "buy" rating at 38 sen and target price (TP) of 98 sen and said the stock is listing at an undemanding 13.8 times 2021 price-earnings.
In a note on Wednesday (Jan 11), the research house said it sees multiple legs of growth that can supercharge a three-year revenue/core net profit compound annual growth rate of 24%/30%, premised on cross value-chain integration, trade-diversion related supply chain reconfiguration and aggressive expansionary plans.
“While NationGate can offer high-mix low-volume and low-mix high volume production set-ups, its strategic diversification towards recession-proof segments has borne fruition, especially amid the current economic downturn
“We initiate coverage with 'buy'. Target price: 98 sen,” it said.
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