Thursday, October 28, 2010

OSK Research keeps Sell on Hai-O

KUALA LUMPUR: OSK Research said the road to recovery for Hai-O???s multi-level marketing (MLM) business is longer than expected as membership growth and buying sentiment among members has slowed down further.

Meanwhile, Hai-O announced that it is venturing into the property business, another non-core business, after diversifying into the TECHNOLOGY [] business earlier.

???While this could help reduce the company???s reliance on the MLM business, we are concerned that the group is taking on more risk since its MLM business is struggling to regain its footing locally and establishing itself in Indonesia. Maintain SELL,??? OSK Research said on Thursday, Oct 28.

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