Friday, April 29, 2011

Pensonic up at mid-morning

KUALA LUMPUR: Shares of PENSONIC HOLDINGS BHD [] rose on Friday, April 29 after the company's net profit in the third quarter ended Feb 28, 2011 rose to RM896,000 from RM442,000 a year earlier, on the back of revenue ''RM79.65 million.

At 10.50am, Pensonic rose 1.5 sen to 69.5 sen with 191,700 shares traded.

Inter-Pacific Research maintained its Outperform call on Pensonic with target price 85 sen based on FY12's EPS of 9.4sen and PER of 9 times.

'We like Pensonic as: (1) its position to spearhead the Manufacturing Hub and International Distribution Network of Electrical Home Appliances ('EHA') under the Economic Transformation Programme ('ETP'); (2) strong local brand name in home appliances; and (3) improving bottomlines evident from its focus on higher margin products,' it said in a note April 29.

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