Is Innovalues’ price correction a buying opportunity?

SINGAPORE (July 21): UOB Kay Hian has maintained its “buy” recommendation for Innovalues with a target price of $1.06, after Innovalues’ share price fell 12.3% from its high of $1.11 in early July.

UOB Kay Hian’s Nicholas Leow calls the precision machine components manufacturer “one of the best catalyst-driven plays in the Singapore technology sector, backed by strong fundamentals” and adds that his target price offers an upside of more than 12% from current levels.

Innovalues had announced in April that it had appointed Rippledot Capital Advisors to conduct a review of strategic options available to the company. “While not definitive, we view this as a potential indicator of an M&A,” says Leow in a note on Wednesday.

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