AffinHwang Capital maintains Hold on MPI, ups target to RM6.24

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KUALA LUMPUR (April 30): AffinHwang Capital Research has maintained its “Hold” rating on Malaysian Pacific Industries Bhd at RM6.55 with a higher target price of RM6.24 (from RM5.25) and said despite a seasonally weaker quarter, MPI’s 3QFY15 results were a pleasant surprise.

“We upgrade our 2015-17E EPS by 7-18% to reflect this, yet valuations are still not that enticing with the stock trading at 17x CY16E EPS.

“Maintain Hold with a higher target price of RM6.24,” it said in a note today.