MPI up on target price upgrade, 3QFY15 results

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KUALA LUMPUR (April 30): Shares of Malaysian Pacific Industries Bhd (MPI) rose in early trade today after reporting its 3QFY15 results yesterday.

At 9.07am, MPI rose 24 sen to RM6.79 with 38,800 shares done.

AffinHwang Capital Research has maintained its “Hold” rating on MPI at RM6.55 with a higher target price of RM6.24 (from RM5.25) and said despite a seasonally weaker quarter, MPI’s 3QFY15 results were a pleasant surprise.

“We upgrade our 2015-17E EPS by 7-18% to reflect this, yet valuations are still not that enticing with the stock trading at 17x CY16E EPS.

“Maintain Hold with a higher target price of RM6.24,” it said in a note today.