QL Resources (QLG MK; Buy: TP: RM5.05)
Dear all,
* QL's proposed 1-for-2 bonus issue should be completed in 2Q08 while a share buy-back program could be EPS-accretive as management has given a commitment to cancel all shares bought back immediately.
* The company is on track for a highly fruitful FY09 for investors as profits continue to grow and improve capital management activities.
* Maintain Buy. Our unchanged RM5.05 TP (10x FY10 PER) offers upside bias as its share buy-back could raise EPS growth further.
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Saturday 3 May 2008
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