KUALA LUMPUR (Oct 30): Investors bought Latitude Tree Holdings Bhd shares after Edge Research said the stock traded at attractive valuations amid consistent profitability.

Latitude Tree climbed as much as one sen to RM3.70 before traded flat at RM3.69 with 60,000 shares at 10.58am.

According to Edge Research's report, which is published in The Edge Financial Daily today, industry volatility has not deterred Latitute Tree from being consistently profitable since listing in 2001.

Edge Research said Latitute Tree was attractively valued at a price-earnings ratio of 6.41 times. This compares with an industry average of some 24 times, Bloomberg data showed.

Edge Research said : "Latitude appears to have built a cost advantage with its operations in Vietnam since 2002,and has also benefitted from appreciating real estate prices there. It is focusing on expanding its profitable Vietnam operations while scaling down its loss-making Malaysian production.

"The company has 100 acres of land in Vietnam, purchased at US$25 per sq m in 2001. Today, the land is selling at over US$100 per sq m."