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updated at: Wed, 09 Dec 2020, 05:25PM MYT

CGS-CIMB upgrades condom maker Karex to ‘add’, says GP stake buy earnings accretive

KAREX
CIMB
KAREX
Original Source From TheEdge Publish at Fri, 13 Nov 2020, 11:14AM

KUALA LUMPUR (Nov 13): CGS-CIMB Securities Sdn Bhd said today it upgraded condom maker Karex Bhd shares to "add" from "hold" with an unchanged target price (TP) of RM1.10 after Karex announced yesterday the group’s proposed acquisition of the remaining 30% stake in 70%-owned subsidiary Global Protection Corp (GP) for RM42.26 million.

In a note today, CGS-CIMB analyst Walter Aw said the research firm views the acquisition positively given its earnings accretive nature.

More to come

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