KUALA LUMPUR: AmResearch upgraded Parkson Holdings (PHB) from Sell to Buy, and raised its fair value to RM3.85 a share from RM2.20 a share previously pegged to a price-to-earnings (PE) of 22 times FY15F earnings.
The research house said on Wednesday it deemed this fair as earnings were recovering from the trough level and in line with peers’ PEs of 17 times to 22 times. Stripping out its net cash, PE stands at 11 times.
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