KUALA LUMPUR: Shares of KNM GROUP BHD [] rose in active trade after it secured a US$216 million (RM680 million) bid to develop gas condensate fields in Uzbekistan from Lukoil Uzbekistan Operating Company.
At 9.09am, it was up 1.5 sen to 45 sen. It was the most active with 12.59 million shares done.
The FBM KLCI was up 4.10 points to 1,500.75. Turnover was 79.72 million shares valued at RM63.91 million. There were 228 gainers, 35 losers and 81 stocks unchanged.
OSK Research upgraded KNM to a Trading Buy with a Target Price of 56 sen. It said KNM's current share price had an upside of about 29% to its target price of 56 sen which it derived based on a PER of 9x FY11 earnings.
However, it cautioned for KNM's share price sustainability in the longer term, investors would need assurance on the continuous contract flows.
OSK Research said'' the global O&G industry had not fully reached its recovery stage in the past 12 months although crude oil price had stabilised between US$70 to US$80 a barrel over the period.
At 9.09am, it was up 1.5 sen to 45 sen. It was the most active with 12.59 million shares done.
The FBM KLCI was up 4.10 points to 1,500.75. Turnover was 79.72 million shares valued at RM63.91 million. There were 228 gainers, 35 losers and 81 stocks unchanged.
OSK Research upgraded KNM to a Trading Buy with a Target Price of 56 sen. It said KNM's current share price had an upside of about 29% to its target price of 56 sen which it derived based on a PER of 9x FY11 earnings.
However, it cautioned for KNM's share price sustainability in the longer term, investors would need assurance on the continuous contract flows.
OSK Research said'' the global O&G industry had not fully reached its recovery stage in the past 12 months although crude oil price had stabilised between US$70 to US$80 a barrel over the period.
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