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InnoTek poised to leverage China EV push: KGI

It raises target price on group to S$1.12, retains 'outperform' rating

Michelle Zhu

Michelle Zhu

Published Sat, May 22, 2021 · 05:50 AM
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Singapore

KGI Securities has raised its target price for InnoTek Limited to S$1.12 from S$0.73 previously with an unchanged "outperform" rating, after hiking its valuation on the stock and rolling forward estimates to base them on FY2022 projections.

The new target price is pegged to 5.5 times enterprise value/earnings before interest, taxes, depreciation and amortisation (EV/Ebitda) and translates to around 14.3 times FY2022 price-to-earnings (P/E) - b…

SEE ALSO
Brokers’ take: Lim & Tan positive on Innotek cash position, initiates ‘buy’
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