Bursa Malaysia Stock Watch
New Hoong Fatt rises after OSK Research ups target price
kltrader
Publish date: Fri, 30 Jul 2010, 11:07 AM
kltrader
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KUALA LUMPUR: The share price of New Hoong Fatt Holdings Bhd (NHF) rose on Friday, July 30 after OSK Research maintained its buy call and raised its target price for the stock to RM2.85.
At 9.22am, New Hoong Fatt was up seven to RM2.36 with 8,000 shares done. OSK Research said the company's 2QFY10 revenue and net profit for the quarter were in line within its forecasts.
The company's revenue continued to scale new highs, growing organically by double digits, it said.
'We continue to like NHF's stable organic growth. Rolling over our valuation to FY11 EPS and pegging it at a lower PE multiple of 6 times (from 7 times), we derive a target price of RM2.85 (previously RM2.62), with our buy call maintained,' it said in a note July 30.
At 9.22am, New Hoong Fatt was up seven to RM2.36 with 8,000 shares done. OSK Research said the company's 2QFY10 revenue and net profit for the quarter were in line within its forecasts.
The company's revenue continued to scale new highs, growing organically by double digits, it said.
'We continue to like NHF's stable organic growth. Rolling over our valuation to FY11 EPS and pegging it at a lower PE multiple of 6 times (from 7 times), we derive a target price of RM2.85 (previously RM2.62), with our buy call maintained,' it said in a note July 30.
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