OSK Research maintains Buy on CI Holdings, TP of RM4.78 (4th Nov 2010)

KUALA LUMPUR: CI Holdings Bhd reported respectable a year-on-year revenue and earnings growth of 24.1% and 43.2% to RM153.63 million and RM11.8 million respectively for 1QFY11, which were within its and consensus forecast.

OSK Research said the hearty numbers were mainly attributed to the strong growth of non-carbonated and isotonic drink sales. Despite spiraling raw material prices,

“EBIT margin improved by 1.2 percentage points y-o-y on better cost efficiency, higher other operating income and a stronger ringgit against the US dollar. In view of the in line results, we maintain our FY11 and FY12 earnings forecasts at RM45.3 million and RM52.9 million respectively. Maintain BUY, at a TP of RM4.78,” it said.
(Source: The Edge Financial Daily)