=MARKET BUZZ: Malaysia's Prestariang At 2-Month High As BIMB Starts Coverage
KUALA LUMPUR (Jul 17) -- Prestariang jumps 5% at MYR2.31, highest since May after BIMB Securities initiates coverage with Buy call and target price of MYR2.85. "We are positive on Prestariang’s earnings prospect given the potentially significant contribution from the SKIN (National Immigration Control System) project and better demand outlook for its software distribution division," house says in note; expects earnings to grow at 59% CAGR over 2016-2019. However, "we note that there is inherent execution risk for the SKIN project due to lack of track record," adds house.
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