Chew’s lowering of his target price also derives from a lower estimation for LHN’s FY2024 earnings by 24%, following the disposal of LHN Logistics in August, which led to a $18.1 million gain and a special dividend of one cent.
PhilipCapital head of research, Paul Chew, has maintained his “buy” call on LHN Limited (LHN) at a lowered target price of 39 cents from 47 cents previously.
The analyst’s valuation is pegged to 6.5x FY2024 price-to-earnings ratio (P/E), while the industry trades around 13x.
