Having "sent a positive signal to the market," Boustead Singapore's share price has reached $1.63, the fair value given by OCBC Investment Research's Ada Lim.
The share price has gained by a fifth in less than a month, and up by three-fifths year to date. Yet, given how the company's growth trends remain intact and valuation remain below historical averages, she has again raised her fair value to $2, while keeping her "buy" call.
"While we keep our forecasts intact, we relook key assumptions underlying our sum-of-the-parts (SOTP) valuation and make some adjustments," says Lim in her July 18 note.
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