MAYBANK Securities Inc. has maintained a "buy" call on Lucio Co-led Puregold Price Club Inc., noting that holiday consumer spending was likely to support an estimated 2024 net income growth projection of 20 percent.
In a report released on Monday, Maybank said that it expected Puregold's fourth-quarter earnings "to account for at least 30 percent of our FY (fiscal year) 2024 forecast," noting that as of end-Sept. 2024, the retailer's net income of P6.91 billion was already 67 percent of the 2024 net income estimate of P10.27 billion.
