Business News

Published: Wednesday February 6, 2013 MYT 12:00:00 AM
Updated: Wednesday April 17, 2013 MYT 1:36:52 AM

CIMB Research keeps Hartalega an Outperform

KUALA LUMPUR: CIMB Equities Research is maintaining its Outperform recommendation on glove maker Hartalega with a target price of RM5.66.

It said on Wednesday Hartalega's nine-months core earnings per share rose by 11% on-year to reach 75% of its FY13 forecast and 76% of consensus.

CIMB Research said this was broadly in line with its and consensus expectations.

"Demand was strong with utilisation exceeding 90%. Long term plans to triple capacity to 30 billion pieces per annum by 2020 are on track. A first interim dividend of 3.5 sen was expected," it said.

The research house said Hartalega remains an Outperform and would be catalysed by the successful execution of its expansion plans, and entries into China and India.

"Our target price is still based on 14.15 times forward price-to-earnings, in line with our target for Top Glove," said CIMB Research.

Tags / Keywords: News, Business, CIMB Equities Research, Outperform recommendation, glove maker Hartalega, Business


  1. Car ownership in M’sia third highest in the world: Nielsen
  2. Eastspring Investments launches target income fund
  3. Four in 5 parents wished they had saved earlier for education
  4. MAS privatisation will cost Khazanah RM1.18bil
  5. Anthony See ousted from Box-Pak
  6. Don't fear trade pacts as overall M'sia will benefit
  7. Self-service launderettes are seeing a resurgence in Klang Valley
  8. AirAsia Group says will move into KLIA2 by May 9 (Update)
  9. Chinese gold demand may rise 20% by 2017
  10. China may have 1,000 tonnes of gold tied in financing: WGC