iCar Asia (ICQ)

Nick Caley, analyst at Baillieu Holst, has upgraded iCar Asia to a “buy” with a revised DCF valuation of $1.15 and price target of $1.40.

Elise ShawMarkets Online Editor

Updated Nov 19, 2014 – 9.08am, first published at 6.15am

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Nick Caley, analyst at Baillieu Holst, has upgraded iCar Asia (ICQ) to a “buy" with a revised DCF valuation of $1.15 (previously $1.20) and price target of $1.40 (previously $1.50).

iCar Asia Limited (ICQ) owns a portfolio of automotive websites in Malaysia, Indonesia and Thailand and an automotive magazine in Malaysia. ICQ has signed an agreement to acquire the No. 1 automotive portal in Thailand, One2Car, which when combined with its existing business, ThaiCar.com will create a business with clear market leadership in that country. The deal is expected to close mid-December 2014.

Elise Shaw writes on Markets specialising in Equity Markets, Commodities, Mining. Based in our Sydney newsroom, Elise has over 25 years experience as a finance and markets journalist and editor.