KUALA LUMPUR: CIMB Equities Research is Negative on DRB-Hicom’s purchase of Konsortium Logistik Bhd (KLB), valuing the company at RM391mil and potentially at 39 times 2013 price-to-earnings (P/E).
It said on Tuesday the deal is a negative surprise because DRB-Hicom is in the midst of a non-core divestment programme and this seems to be an unnecessary diversion.
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