Not vested
We initiate coverage on Nordic Group Ltd with a BUY recommendation and FV of S$0.260.
Nordic recently bought Multiheight Scaffolding (MHS), an onshore oil-and-gas play with bigger margins and even bigger net profits than Nordic itself, paving the way for a quantum leap in earnings.
While the acquisition will bring a significant boost to Nordic’s EPS, its share price has in fact fallen with the general market, giving us greater confidence that this is an unnoticed gem. Upside: +63% BUY.
Source: AmFraser