Kenanga initiates coverage on CTOS with 'outperform'

KUALA LUMPUR: Kenanga Research has initiated coverage on CTOS Digital Bhd on expectation that the credit reporting agency stands to benefit from a growing customer base and expansion of product offerings in an underpenetrated market.

The research house said it believes CTOS deserves a greater premium over its IPO price of RM1.10 per share, which represents a valuation of FY22 price-earnings of 35.5x versus about 31x of its regional peers'.