KUALA LUMPUR (Nov 30): Maybank Kim Eng analyst Wei Han Liew upgraded the recommendation on Oldtown Bhd to buy from hold.

Liew predicted Oldtown will trade at RM2.90 within a year, implying a 19 percent increase from the last regular trade. The target is 4.3 percent below the consensus average of RM3.03. Oldtown had 3 buy recommendations, 5 holds and 0 sells previously.

Investors who followed Liew's recommendation would have received a 27 percent return in the past year previously, compared with the 37 percent return on the shares.

In the past two years and seven months, Maybank has rated Oldtown hold three times and buy three times. The shares rose an average 1.2 percent in the periods rated hold and rose an average 12 percent in the periods rated buy.

Analysts raised their consensus one-year target price for the stock by 2 percent in the past six months. Forecasts range from RM2.75 to RM3.20.