KUALA LUMPUR (Jan 14): Shares in Focus Point Holdings Bhd rose 1.96% this morning following a positive technical outlook on the stock.
At 9.30am, Focus Point rose 1 sen to 52 sen, valuing it at RM114.40 million.
Hong Leong IB Research initiated coverage on Focus Point at 51 sen with a “Buy” rating and target price (TP) of 70 sen and said significantly stronger earnings contribution from the food & beverage division is expected to be led by newly secured contracts with new corporate clients.
In a note today, the research house said due to this, it is anticipating bottom line growth of 23.1% in FY20 year-on-year.
“We initiate coverage on Focus Point with a Buy call and TP of 70 sen based on a PE of 15x tagged to mid-FY21 earnings.