KUALA LUMPUR: Kenanga Investment Research has initiated coverage on Thong Guan Industries with an Outperform rating and a target price of RM3.70 based on a targeted price-to-earnings ratio (PER) of 10 times on FY15E EPS of 37 sen.
In a note on Thursday, the research house said Thong Guan has been been involved in the cast pallet stretch film and garbage bags industry for more than 30 years, mainly for the export market.
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