UOB Kay Hian Research has initiated coverage on CTOS’ stock with a “buy” call and target price of RM1.32 based on 40 times the 2022 estimated price-to-earnings (PE) ratio. This is largely in line with the industry’s three-year PE mean of 37 times.
PETALING JAYA: CTOS Digital Bhd
, en route to list on the Main Market on July 19, is on track for better growth in 2022 and 2023, says UOB Kay Hian Research.
The research unit noted that CTOS had recorded a stellar two-year compounded annual growth rate net profit of 15% in 2018 to 2020.
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