Pacific Radiance

Pacific Radiance: UOB Kay Hian maintains Buy with TP $1.55. The house note that PACRA has delivered better-than-expected earnings in the last two quarterly results, resulting in earnings forecast upgrades. This is testament to its superior management ability to exploit opportunities to earn an above-industry return on its assets. Thus, despite a 38% appreciation in share price ytd, valuations are still undemanding on higher earnings forecasts.