“End-20 FBMKLCI target revised to 1,600, valuing the market at 21.5 times 2020F PE (+4SD) and 16.4 times 2021F PE (mean)," said UOB Kay Hian.
KUALA LUMPUR: UOB Kay Hian Malaysia Research has cuts is FBM KLCI earnings forecast by 3.4% due to the poor 2Q20 results season but raised its 2021 forecast by 5.5% to largely account for further upgrades of glove makers.
The research house said on Wednesday revised up its end-20 target to 1,600 to be more aligned to the bottom up target of 1,675 but it was mindful of an impending market consolidation.
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