Singapore

KGI Securities has raised its target price for InnoTek Limited to S$1.12 from S$0.73 previously with an unchanged "outperform" rating, after hiking its valuation on the stock and rolling forward estimates to base them on FY2022 projections.

The new target price is pegged to 5.5 times enterprise value/earnings before interest, taxes, depreciation and amortisation (EV/Ebitda) and translates to around 14.3 times FY2022 price-to-earnings (P/E) - bringing InnoTek more in line with its listed peers.