RHB Research maintains Buy on MPI, raises target to RM7.69

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KUALA LUMPUR (March 13): RHB Research has maintained its “Buy” rating on Malaysian Pacific Industries Bhd (MPI) with a higher target price of RM7.69 (from RM6.96) and said MPI’s share price went up by 15% since its 2QFY15 (June) results release in end-January.

“We are maintaining our Buy call with our target price upgraded to RM7.69 from RM6.96 (15.8x FY16F P/E, 23% upside) as we roll forward our valuation to FY16 from CY15,” it said in a note today.

“This is because we continue to see strength in its near-term earnings, thanks to the current weakness of ringgit against the US Dollar,” it said.