Friday, December 17, 2010

OSK Research upgrades MMC to Buy, TP RM3.41

KUALA LUMPUR: OSK Research said MMC Corp Bhd's share price rallied after its downgrade in September but subsequently gave back all its gains as its proposal to take over UEM did not materialise.

It said on Friday, Dec 17 that during its visit to the company's Electrified Double Track Rail Project last month, it learnt of the importance of its role in infrastructure development in Malaysia and the possibility of it securing more such projects such as the KL MRT in the coming months.

'Being a good election play and with its share price having retraced to below the level at which we downgraded the stock, we upgrade MMC back to a Buy, with a slightly higher target price of RM3.14,' it said.

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