Tuesday, January 4, 2011

Kulim climbs, OSK ups target price

KUALA LUMPUR: Shares of Kulim advanced in early trade on Tuesday, Jan 4 while OSK Research upgraded its target price to RM14.75 from RM11.20 previously.

At 9.03am, Kulim was up 20 sen to RM12.68 with 13,700 shares done.

The FBM KLCI rose 2.95 points to 1,536.37, which was another fresh high in intra-day trade. Turnover was 57.05 million shares valued at RM41.45 million.

OSK Research upgraded its target price for Kulim to RM14.75 from RM11.20 previously to factor in its higher CPO price assumption.

The research house said although the stock has outperformed the sector in the past two to three months, its valuation remains inexpensive; hence it is maintaining its Buy call.

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