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Company Update � Karex (HOLD, maintain)
- The Pioneering ONE After our recent Thailand site visit, we have greater conviction that rising volumes can help Karex�s OBM segment meet the 20% top-line contribution target by 2020. Productivity gains from automation and higher OEM volumes should keep utilisation rates healthy and help sustain earnings growth, but margins could be hit near term by high SG&A costs. Positives look priced in at current valuations. HOLD.
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| For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports. |
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