KUALA LUMPUR, Jan 25 ― Consumer electrical and electronics (E&E) retailer, Senheng New Retail Bhd (Senheng), which debuted on Bursa Malaysia’s Main Market today, has emerged as the most active stock this morning.
In a note today, Rakuten Trade Sdn Bhd has made a ‘buy’ call on Senheng, with a target price (TP) of RM1.27 per share, premised on the group’s store expansion plans as well as the growing demand in consumer E&E products.
The initial price offering (IPO) was set at RM1.07.
Rakuten Trade said Senheng is benefitting from the increasing demand in the E&E consumer products segment, supported by innovative E&E consumer products and growing disposable income.
“Therefore, we forecast a three-year revenue and net profit compound annual growth rate (CAGR) of 12.8 per cent and 19.9 per cent to RM1.86 billion and RM95.5 million, respectively, for financial year (FY) 2023,” it said.
Senheng is the largest home-grown consumer E&E chain retailer, operating 105 physical stores and carrying 10,000 stock-keeping units (SKUs) from over 280 international and local brands.
At 10.03 am, Senheng's share price was 17 sen lower at 90 sen with 95.82 million shares traded. ― Bernama
