Brokers' Choice - Nomura sticks to buy' call on YHI

Brokers' Choice - Nomura sticks to buy' call on YHI

NOMURA Singapore has reiterated its 'buy' recommendation on car-tyre distributor YHI Internationalafter the company reported a 39 per cent jump in full-year net profits to $20.3 million.

Earnings growth is expected to be stronger next year when YHI's two new manufacturing plants in Malaysia and China start operations by the first quarter of next year.

'Among the Asean countries, Malaysia was chosen over Thailand because competition there is less intense,' the Nomura report said.

Apart from its 'buy' rating, the Japan-based research firm has also revised its estimated fair value of the stock to 65 cents from 60 cents after adjusting for a stock split and one-for-five bonus issue.

YHI shares ended last Friday at 47.5 cents, down half a cent.


Rating: Buy


The Straits Times

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