Is Northstar's offer for Innovalues attractive or lowball offer?

SINGAPORE (Oct 27): KGI Securities is advising shareholders of Innovalues to accept PE firm Northstar’s proposed share offer, while Maybank Kim Eng thinks Northstar’s evaluation of the company is “at the low end” of its valuation range.

Both KGI and Maybank have kept Innovalues at “hold” with unchanged target prices of 91 cents and $1.15 respectively after the customised precision machine parts manufacturer posted a 10.9% decline in earnings on the absence of forex gains.

(See also: Innovalues’ 3Q earnings down 10.9% to $6.0 mil on absence of forex gains)

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