KUALA LUMPUR: CIMB Research has upgraded its recommendation for glovemaker Supermax from Hold to Add at a target price of RM2.90, with an unchanged price-to-earnings ratio of 12.4 times.
It noted that Supermax’s share price had fallen 16% since the March 13 downgrade and is now trading at 10 times calendar year 2015 earnings-per-share or a 25% discount to the sector average.
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