Y Ventures jumps on bullish report, 70ct target price
Singapore
SHARES of Catalist-listed e-commerce firm Y Ventures Group surged 7.5 Singapore cents or 17.05 per cent on Monday after PhillipCapital initiated coverage with a "buy" call and an eye-popping target price of 70 Singapore cents. The counter closed at 51.5 Singapore cents with some 4.9 million shares changing hands.
In its research note, the Phillip team said its target price was derived based on a ratio of 30 times estimated 2018 earnings as well as revenue growth of 50 per cent a year in 2018 and 2019. "We are pegging Y Ventures to other e-retailers from the US and Europe ... such companies can trade at an astronomical 50 times to 60 times PE (price-to-earnings)," the report said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
Hong Kong bourse regains favour on hopes of a market revival
Chinese sellers go to TikTok school to reach buyers abroad
Gold prices set for weekly decline ahead of US inflation data
Huawei’s new phone sports latest version of made-in-China chip
Meta’s earnings flop sparks US$400 billion sell-off in tech stocks