Friday 29 Mar 2024
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KUALA LUMPUR (Nov 27): Latitude Tree Holdings Bhd surged as much as 6% after the furniture maker reported higher first quarter profit and revenue from a year earlier.
 
Yesterday (Nov 26), Latitude Tree said net profit rose to RM28.14 million in the first quarter ended Sept 30, 2015, from RM16.65 million. Revenue was higher at RM217.97 million, versus RM175.74 million.

Today, the counter jumped as much as 46 sen to RM7.78. At 11:37 am, the stock pared gains at RM7.72, with 451,300 shares done.

At RM7.72, Latitude Tree is valued at RM750.4 million.

RHB Research Institute Sdn Bhd's analyst Lim Sae Wai wrote in a note today that the research firm had an immediate technical target price of RM8 for Latitude Tree shares.

The subsequent TP is seen at RM8.50, according to Lim.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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