KUALA LUMPUR: RHB Research has upgraded Malaysian Pacific Industries Bhd (MPI) to “buy” with an unchanged target price of RM11.21, which is a 27% upside plus 3.8% forecast financial year 2019 yield.
Despite overall softness in the semiconductor sector, the current share price weakness represents a good buying opportunity as the stock is trading at only 11.8 times forecast financial year 2020 (FY20) price-earnings (P/E), and ex-cash P/E of 7.3 times versus the sector average of 13 to 14 times.
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