KUALA LUMPUR: RHB Research has maintained its Buy call on Inari Amertron with a target price of RM3.55 based on an unchanged price/earnings target of 15 times on fully diluted CY15 earnings per share.
In a note on Wednesday, RHB said Inari Amertron announced that the Securities Commission (SC) had approved its Proposed Transfer Listing.
“In conjunction with the Proposed Transfer Listing, SC also informed that the application for the lifting of the existing moratorium on Inari shares held by Insas Technology Berhad, Macronion Sdn Bhd and Ho Phon Guan has been approved.
“The lifting of the existing moratorium is to be effective on the date of the official listing of Inari on the Main Market of Bursa Malaysia,” it said.
Upon SC approval, the next procedure would be an approval from Bursa for an official date for an actual transfer of listing.
Thereafter, a general meeting will also be convened among Inari shareholders to obtain its approval before the transfer listing to the Main Market of Bursa Securities.
“Despite multiple rounds of delay, we are nevertheless positive with this announcement.
“With the Proposed Transfer Listing approved, we believe this would further provide greater recognition and confidence to its customers, suppliers, business partners, bankers and shareholders,” it said.In addition, this would also provide better acceptance amongst investors, in particular, institutional investors thereby enhancing its investability, the research house said.