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Genetec to see growth prospects in Thailand - CGS-CIMB

27/01/2022 01:12 PM

KUALA LUMPUR, Jan 27 -- CGS-CIMB Securities Sdn Bhd (CGS-CIMB) foresees exciting prospects for Genetec Technology Bhd as it participates in Thailand’s electric vehicle (EV) ecosystem development, with a potential partnership with Asia Precision Public Co Ltd (APCS) in the pipeline.

Genetec is involved in the automotive sector with an EV and battery division, in addition to consumer goods and healthcare.

The research house said APCS is mainly involved in contract manufacturing service of precision metal parts for automotive customers and supplies battery pack covers for a leading renewable energy player in Thailand.

As such, CGS-CIMB has reiterated its 'add' call on Genetec, with a higher target price of RM4.30.

It noted that several factors could be potential re-rating catalysts for the stock, such as a higher-than-expected orderbook replenishment from EV, energy storage (ES) and e-mobility, a rise in institutional funds’ holdings and expansion into new customers or verticals.

As such, CGS-CIMB raised Genetec's earnings per share for financial years 2022 to 2024 by three to eight per cent to account for higher orders.

At 12.30 pm, the company's share price eased seven sen to RM2.77 with 6.63 million shares traded. 


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