RHB Research upgrades KPJ Healthcare (5878.KU) to Outperform from Market Perform, and raises its price target to MYR4.71 from MYR4.44 after revising its target FY12 P/E to 17.4X from 16.1X "in line with the recovery in the share prices of KPJ's regional peers."
The house says, its target P/E is based on a 10% discount to regional peers' average of 19.3X; "we think KPJ is currently trading at a relatively cheap valuation of 15.5X FY12 EPS in comparison to regional peers' average of 19.3X FY12 EPS." The stock is 0.7% higher at MYR4.21.
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