PublicInvest positive over Yee Lee's share acquisition in Spritzer


KUALA LUMPUR: PublicInvest Research is positive over Yee Lee Corp Bhd's share acquisition in Spritzer for RM1.54mil, raising its stake in the company by 0.3% to 29.19%.

"We are positive over the shares acquisition, as Yee Lee’s position in Spritzer has been beneficial to the Group. This is reflected in the growing profit contributions and long-standing compatibility in their trading relationship," it said.

To recap, the shares were acquired at RM2.35 a share through an off-market transaction with Datuk Lim Kok Boon, a director and shareholder of Spritzer.

PublicInvest deemed the purchase price reasonable,representing a 0.4% premium to the share's five-day volume weighted averge price of RM2.34 up until Aug 29.
 
The research house said the purchase would have minimal impact to its earnings forecast at 0.1% with a marginal 0.4%  positive increase to its target price. 

PublicInvest maintained its outperform rating gon the stock with a target price of RM2.58.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

S&P affirms Malaysia's sovereign credit ratings
Sunway to sell stake in healthcare unit to GIC -sources
Serba Dinamik takes auditor KPMG to court
Daibochi reports steady Q3 results, warns rising costs may impact prospect�
Genting, Digi underpin FBM KLCI rebound
Pay-TV company Astro delivers nearly double net profit in Q1
BNM's international reserves rise to US$111bil as at June 15
Oil rises on optimism of quick recovery in global demand
Chipmaker GlobalFoundries plans US$6bil expansion in Singapore, US, Germany
RHB Group's green financing grows to RM3.25bil YTD

Stories You'll Enjoy


Vouchers