CIMB IB Research upgrades Bison to Hold, target RM2.28

CIMB IB Research upgrades Bison to Hold, target RM2.28
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KUALA LUMPUR (Sept 26): CIMB IB Research has upgraded Bison Consolidated Bhd to “Hold” at RM2.20 with an unchanged target price of RM2.28 and said Bison's 9MFY10/17 core net profit of RM18.7 million was in line with expectations, at 75% of house and 77% of Bloomberg consensus full-year forecasts.

In a note Sept 25, the research house said Bison’s growth in 3QFY17 topline and bottomline was attributable to higher number of stores and improved sales merchandise mix.

“Share price has retraced circa 15% since beginning-Sep and we think investors have priced in potential earnings dilution and overhang from share placement.

“Upgrade to Hold; our target price remains unchanged at RM2.28,” it said.