KUALA LUMPUR: CIMB Equities Research has lowered its end-2014 FBM KLCI target from 2,030 to 1,950 after it changed the target basis from bottom-up back to applying a 10% premium to the three-year moving average price-to-earnings (P/E) or P/E target of 16.3 times.
It said on Wednesday it also introduced an end-2015 KLCI target of 2,050. It continued to prefer the sectors that will benefit from the Economic Transformation Programme (ETP), which are oil & gas, construction and property, and smaller-cap stocks.
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