Maybank Starts Coverage on PGF with Buy Call, Sees 75% Upside from Dual Growth Engines
STR AI ·
Maybank Investment Bank analyst Aseela Zahari has initiated coverage on PGF Capital with a Buy call, with a target price of RM2.93, implying 75% potential upside. She highlighted that the company will benefit from dual growth engines — rising global demand for energy-efficient insulation and the long-term unlocking of its vast Tanjong Malim landbank with 1,311 acres, strategically located near Proton's Automotive High-Tech Valley.
Aseela Zahari, a new analyst primarily covering the construction sector, according to StockTipRatings.com's list. She has achieved an average return of 22% and a 100% success rate across the stocks she covered over a 3-month period following her calls. This report also marks her first initiated coverage report.
Aseela expects the company's core net profit CAGR of 56% (FY25–28), underpinned by a three-fold capacity expansion at its new Kulim plant and gradual contributions from property development. PGF Capital is a manufacturer of glass mineral wool insulation products used in energy-efficient buildings, with an expanding property development arm in Tanjong Malim.
As of 11:40 a.m. on October 29, PGF Capital's share price rose 3.6% to RM1.73.