Kenanga Research initiated coverage of multi-level marketing
firm Hai-O Enterprise Berhad with an "outperform" call, citing
the company's strong business prospects.
"We like Hai-O for its strong multi-level marketing business
growth that will see it making a substantial growth in
earnings," Kenanga said in a research note on Thursday.
Hai-O has a decent dividend yield and has been constantly
liquid with a net cash position while its capital expenditure
and advertising costs are low, it added.
Kenanga set a target price of 2.90 ringgit per share for the
At 1013 (0213 GMT) Hai-O was down 0.01 ringgit at 2.48
ringgit while the benchmark composite index was down 0.02 points
(Reporting by Siva Sithraputhran in Kuala Lumpur, Editing by
Anupama Dwivedi; Siva.Sithraputhran@thomsonreuters.com; Reuters