KUALA LUMPUR: AmInvestment Research has initiated coverage on QES Group (QES) with a “buy” recommendation and a fair value of 34 sen a share based on FY19F PE of 15 times, representing a 42% upside.
To be conservative, the research unit attached a 20% discount to its peer average forward PE of 18.9 times to account for the group’s lower income base.
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