RHB Research upgrades Gadang to “Buy”, target price RM3.50

KUALA LUMPUR (Nov 14): RHB Research Institute Sdn Bhd has upgraded Gadang Holdings Bhd to “Buy” with an unchanged target price of RM3.50 and said the recent selldown provides a good opportunity to accumulate the stock at forward P/E of <7x vs the peer average (in low teens).

In a note today, the research house said apart from strong medium-term earnings visibility, it has also laid foundation for the longer term.

“Mega construction job wins and its ongoing corporate exercise may boost sentiment on the stock,” it said. — theedgemarkets.com