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Raffles Edu can make it?
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2006haydenc
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03-Jul-2007 13:32
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Upgrade to BUY, TP raised to S$2.88. With an accelerated programme and management?s track record coupled with its ability to deliver, we roll over our valuations to FY08F and FY09F forecasts. Our TP is raised to S$2.88 based on our DCF model (WACC 9.1%, terminal growth 3%), equating to a PER of 30x FY09F earnings. This could potentially be reduced to a more attractive level assuming the Group could deliver more inorganic growth from acquisitions going forward. Advise? |
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