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Hong Leong Investment Rates Sasbadi Holdings A 'Buy', Target Price At RM1.52
Sasbadi, the sole publisher of educational materials for primary and secondary schools in Malaysia with a nine per cent market share, is slated for a public listing on July 23, 2014.
It has set an offer price at RM1.19 each and would raise a total of RM25.2 million via the exercise.
"We like the uniqueness of the company which is closely linked to the country's education system with defensive yet growing earnings base," Hong Leong said in a note Monday.
The investment bank also said Sasbadi intended to uphold its position as the main education publisher in the country by widening its product range.
Its strengths included an established brand presence complemented by product diversity, a diversified network distribution, a rapid and persistent response to changes, and is managed by experienced leadership team and editorial personnel, the note added.
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