KUALA LUMPUR (Jan 20): Affin Hwang Capital Research has maintained its “Hold” rating on Pecca Group Bhd at RM1.13 with a higher target price of RM1.23 (from RM1.20 ) and said Pecca’s management remains upbeat on its 2020 outlook, although the research house expects Pecca’s earnings growth to slow to 3% from 66% in the fiscal year before.

“In view of higher projected car seat sales, we raise our EPS forecasts by 4-6% for FY20-22E, and raise our target price to RM1.23 (from RM1.20).

“At 12x FY20E PER, valuation looks fair. Maintain Hold,” it said.