<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Dec 3): MIDF Investment Bank Bhd Research has upgraded Daibochi Bhd to “Buy” at RM2.27 with a higher target price of RM2.60 (from RM1.52) derived from 19.0x PER of FY20F EPS of 26.3 sen following the revision in earnings assumption.</p></div>

<div class=newsTextDataWrapInner><p>In a note today, the research house said its valuation of 19.0x PER is unchanged and is based on Daibochi’s long-term average PER.</p></div>

<div class=newsTextDataWrapInner><p>It added that Daibochi’s 1QFY20 results surprised on the upside with record topline and net profit at RM11.3 million.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>It said better operational efficiency lifted bottomline, and that Daibochi’s earnings estimates for FY20E/FY21F had been revised by +71.1%/+53.7% respectively to RM45.0 million/RM45.8 million.</p></div>

<div class=newsTextDataWrapInner><p>MIDF Research said the upgrade was due to the better than expected synergy between Scientex Bhd, Daibochi and Mega Printing and Packaging (MPP), which have lifted overall profitability.</p></div>

<div class=newsTextDataWrapInner><p>“We believe that further upside may come from the full integration of MPP into the group as the acquisition of MPP has only been completed since August.</p></div>

<div class=newsTextDataWrapInner><p>“Downside risks include slower than expected expansion, spike in raw material prices and setbacks from integration of the companies. Dividend yield is expected at 2.4%,” it said.</p></div>


KUALA LUMPUR (Dec 3): MIDF Investment Bank Bhd Research has upgraded Daibochi Bhd to “Buy” at RM2.27 with a higher target price of RM2.60 (from RM1.52) derived from 19.0x PER of FY20F EPS of 26.3 sen following the revision in earnings assumption.

In a note today, the research house said...

MIDF Research upgrades Daibochi, raises target price to RM2.60

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