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AmBank Research maintains 'buy' call on Perak Transit on brighter outlook

14/10/2021 10:35 AM

KUALA LUMPUR, Oct 14 -- Perak Transit Bhd is expected to be one of the beneficiaries of the relaxation of movement restrictions, largely driven by higher rental income from its integrated public transportation terminal segment as footfall recovers, said AmBank Research. 

In a note today, the research house said Perak Transit would benefit from improved revenue from petrol station operations due to an increase in traffic volume, as well as recovery from bus operations in line with the government decision to lift interstate travel ban since Monday.

“We continue to like Perak Transit for its unique business model, such as the operation of modern public transport terminals; having proven the commercial viability of this business model in its Terminal Meru Raya in Ipoh and the vast opportunities to replicate this successful business model. 

“At 9-11x forward earnings, we believe Perak Transit offers investors a good opportunity to own a defensive public infrastructure business that is replicable for growth at bargain valuations,” it added.

AmBank Research said it maintains buy recommendation and fair value (FV) of RM1.08 for Perak Transit, based on 15x fully-diluted FY22F earning per share.

At 9.53 am, Perak Transit bagged 1.5 sen to 72.5 sen with 970,200 shares changing hands.


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