KUALA LUMPUR (July 2): AffinHwang Capital Research has upgraded Hap Seng Plantations Bhd to “Hold” at RM2.50 with a higher target price of RM2.50 (from RM2.31) and said it had gathered that a refinery project was being planned.

In  a note today, the research house said oil yield hit 5.0 tonnes in 2014.

“1H15 results are expected to be weak, but we are making no changes to our forecasts.

“We raise our target price after pegging the stock to its long-term average PE of 13x. Dividend yield is above average.

“Upgrade to Hold,” it said.