KUALA LUMPUR (March 11): AmResearch Sdn Bhd has initiated coverage on Teo Seng Capital Bhd (TSC) with a “Buy” rating and fair value of RM2.40.
In a note Wednesday, the research house said TSC was a Shariah-compliant stock.
“TSC is a well-managed modern poultry farmer focusing primarily on the production of eggs.
“With a daily output of 3.1 million eggs, it is the third largest egg producer in Malaysia. About one-third of its production is exported to Singapore,” it said.
AmResearch said TSC lacks an institutional following as it was presently under-researched.
“We believe that this would change given improved corporate access, steady earnings and dividend track record,” it said.