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STOCKS NEWS MALAYSIA-Kenanga upgrades Nestle to 'outperform'
December 5, 2012 / 2:16 AM / 5 years ago

STOCKS NEWS MALAYSIA-Kenanga upgrades Nestle to 'outperform'

Kenanga Research upgraded Nestle (Malaysia) Bhd to ‘outperform’ from ‘market perform’ previously, citing the food and beverage firm’s defensive nature and strong fundamentals among reasons.

“We believe a buy-on-weakness strategy is hence appropriate on Nestle at this juncture given that it still has a relatively good dividend yield and fundamentals,” the research house said in a note on Wednesday.

Maintaining a target price of 72.10 ringgit per share, Kenanga said it continued to hold to its strong conviction stance on defensive and yield stocks such as Nestle due to the challenging economy outlook ahead.

As of 0947am (0147 GMT), the counter rose 2.46 percent to 62.50 ringgit per share, outperforming the broader stock index’s 0.25 percent rise.

0949 (0149 GMT)

(Reporting by Yantoultra Ngui in Kuala Lumpur; Editing by G.Ram Mohan; yantoultra.ngui@thomsonreuters.com) Ÿ ****************************************************************

10:03 STOCKS NEWS MALAYSIA-RHB raises Sunway target price to 3.08 rgt

RHB Research raised its target price for Sunway Bhd to 3.08 ringgit from 2.98 after the property developer announced a 12 billion ringgit ($3.94 billion) joint venture in the Malaysian state of Johor.

“Given the upcoming developments led by the Malaysia and Singapore governments, Sunway is taking the strategic opportunity to own more landbank in Johor,” RHB said in a report on Wednesday.

Sunway said on Tuesday it tied up with Iskandar Investment Bhd to build a mixed integrated development on a 779-acre piece of land it acquired in Johor. The project will raise the company’s total landbank by a third and boost its gross development value to 43 billion ringgit.

RHB maintained an ‘outperform’ call on the stock, which was untraded at 2.30 ringgit at 0947 a.m. (0147 GMT).

0949 (0149GMT)

($1 = 3.0430 Malaysian ringgits)

Reporting by Al-Zaquan Amer Hamzah in Kuala Lumpur; Editing by Jijo Jacob; alzaquan.amerhamzah@thomsonreuters.com

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