Friday 29 Mar 2024
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KUALA LUMPUR (Nov 7): RHB Research has upgraded QL Resources Bhd to a Buy (from Neutral) at RM3.40 with a higher fair value of RM3.90 (from RM3.60) and said it had met QL recently at its Invest Malaysia Hong Kong (IMHK) event in mid-October.

In a note Friday, the researh house said QL’s management shared current updates on all its business activities and gave clearer guidance on its growth plans.

“We left feeling more positive and upbeat on its business expansion plans.

“We upgrade QL to Buy from Neutral, with target price revised up to RM3.90 from RM3.60 (a 14.7% upside), based on CY15 earnings P/E of 22x (from 21x),” it said.

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