Press Metal Bhd(Oct 31, RM4.36)Maintain buy with a target price of RM6.29: Press Metal Bhd is all set to chart further earnings upside by raising its value-added production while trimming production costs further — despite having already reached the first quartile of the global cost curve. Meanwhile, earnings for the first nine months ended Sept 30, 2016 (9MFY16) were almost spot on. The core profit of RM132 million for the third quarter ended Sept 30, 2016 (3QFY16) was up 271.5% year-on-year and 23% quarter-on-quarter. Its board declared another interim dividend of four sen, bringing cumulative 9MFY16 dividend to 10 sen per share. We make no changes to our estimates considering 3QFY16 results were in line with our estimates.

Source: The Edge Markets November 01, 2016 02:13 UTC