<div class=newsTextDataWrapInner><p>KUALA LUMPUR (April 9): Kenanga IB Research has maintained its “Outperform” rating on Pestech International Bhd at RM5.36 with a higher target price of RM6.11 (from RM5.06) and said Pestech was now a concessionaire player after securing a 25-year power transmission contract in Cambodia yesterday.</p></div>

<div class=newsTextDataWrapInner><p>In a note today, the research house said this was definitely a price catalyst to Pestech as the recurring income of circa RM16 million-RM20 million per annum almost matches its reported earnings in CY14.</p></div>

<div class=newsTextDataWrapInner><p>In addition, the research house said it saw no reason for PESTECH not getting the EPC portion as well, which could be worth US$70 million, of this project since it was the project owner and also due to its track record.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“In all, this asset will add 42 sen per share to our Pestech’S valuation or 68 sen per share on a bullish scenario.</p></div>

<div class=newsTextDataWrapInner><p>“However, net gearing will jump to 0.87x by FY17E from 0.46x in FY13. We re-rate its existing business to 16.6x PER (+1.5 3-year SD), from 15x PER, which is justified by its explosive 3.5-year CAGR of 63%.</p></div>

<div class=newsTextDataWrapInner><p>“Thus, we upgrade the price target to RM6.11 from RM5.06. Outperform maintained.</p></div>

<div class=newsTextDataWrapInner><p>At 9.37am, Pestech rose 2.99% or 16 sen to RM5.52 with 240,700 shares traded.</p></div>

<div class=newsTextDataWrapInner><p>&nbsp;</p></div>


KUALA LUMPUR (April 9): Kenanga IB Research has maintained its “Outperform” rating on Pestech International Bhd at RM5.36 with a higher target price of RM6.11 (from RM5.06) and said Pestech was now a concessionaire player after securing a 25-year power transmission contract in Cambodia yesterday....

Kenanga IB Research maintains Outperform on Pestech, ups target to RM6.11

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