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Tuesday, September 19, 2017

Lii Hen jumps to record high after HLIB Research starts coverage

Tuesday, 19 Sep 20179:33 AM MYT

KUALA LUMPUR: Shares of Lii Hen Industries Bhd jumped to a record high of RM3.47 early Tuesday after Hong Leong Investment Bank (HLIB) Research started coverage of the furniture maker.

At 9.30am, it was up 12 sen to RM3.43 with 167,900 shares done.

The FBM KLCI fell 1.52 points or 0.09% to 1,782.14. Turnover was 455.97 million shares valued at RM141.19mil. There were 198 gainers, 178 losers and 251 counters unchanged.

HLIB Research said it likes Lii Hen due to its strong balance sheet (net cash per share 53.8 sen as at June 30, 2017), high dividend payout (dividend yield of 7.9%) and its ongoing effort to adopt effective cost management.

“Moreover, we expect stable growth in the global furniture market due to growing real estate industry and increasing number of global retail stores.

“We initiate coverage on Lii Hen with a BUY recommendation with TP of RM5.04 based on 11 times FY18 core EPS of 45.9 sen,” it said


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