Company Update � Globetronics (ADD,
downgrade)
- Positive earnings momentum should continue into 2015
- We expect Globetronic�s positive earnings momentum to continue in 3Q14. This is
predominantly driven by existing business growth from its sensor business and
timing devices - While Globetronics is on track to deliver another record
earnings in 2014, its 2015 earnings prospect remains exciting mainly
underpinned by healthy projections from its sensor-related business. -
Additional product transfers likely to further enhance its 2015 earnings -
Overall, we are upgrading our 2015-16E earnings by 6%. Our TP is thus raised
to RM5.10, based on an unchanged PE of 18x on 2015E earnings. As there is now
9% upside potential, we downgrade our rating for Globe from BUY to ADD.
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