Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (April 18): Hong Leong Investment Bank (HLIB) Research said it remains sanguine on CTOS Digital Bhd's long-term prospects given the vast growth potential in the ASEAN Credit Reporting Industry.

In its technical tracker on Monday (April 18), the research house said that according to International Data Corporation (IDC), the ASEAN Credit Reporting Industry is expected to register a much faster growth rate than developed countries (ASEAN: +13.2% vs the US: 7.5%; UK: 5.3%), driven by increasing demand for credit in ASEAN and low penetration in the credit reporting industry.

“Being the leading regional credit bureau in the ASEAN, with a presence in Malaysia and Thailand, we believe CTOS is well positioned to capitalise on the growing credit demand, reflected in our 18% FY23-24E EPS CAGR.

“Technically, CTOS has been hovering above the RM1.51-RM1.56 critical support area.

“A decisive breakout above RM1.63 hurdle will indicate an end of the consolidation, and a new uptrend leg had happened that will spur the prices toward RM1.67-RM1.72-RM1.79. Cut loss at RM1.43,” it said.

      Print
      Text Size
      Share