=MARKET BUZZ: JF Apex Starts Ajinomoto (Malaysia) With Buy, Target Price MYR22.75
KUALA LUMPUR (Feb 13) -- JF Apex Securities starts coverage of Ajinomoto (Malaysia) with Buy call and target price of MYR22.75. Shares now +0.2% at MYR20. "Earnings growth is expected to be driven by new markets and new products in the long term," says house in investor note. The management aims to boost exports to the Middle East, while looking out for new countries to penetrate. "Profit after tax is expected to grow 12% in FY18 due to higher interest income after placing proceeds from land sale to the MRT project into investment securities," adds house; expects net profit to climb 6.1% and 4.6% in FY19 and FY20, respectively.
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