Affin Hwang Capital starts coverage on PPB, target price RM19.50

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KUALA LUMPUR (April 18): Affin Hwang Capital Research has initiated coverage on PPB Group Bhd at RM18.78 with a “Hold” rating and target price of RM19.50 and said the typical strong attributes of a consumer staple stock, stable but decent EPS growth, are found in PPB, which should continue to benefit from favourable demographics.

“In our view, PPB is a well-run company, with a good profit track record and direct exposure to one of the leading global agricultural business through its 18.5% stake in Wilmar.

“We initiate coverage on PPB with a HOLD rating and DCF-based TP of RM19.50,” it said.