Uchi Technologies rises 2.5% following rating upgrade

-A +A

KUALA LUMPUR (Jan 15): Shares in Uchi Technologies Bhd rose 2.5% at mid-morning today following a rating upgrade.

At 10.13am today, Uchi rose 6 sen to RM2.44 with 107,800 shares traded.

CIMB IB Research has upgraded Uchi to "add" at RM2.38 with a lower target price of RM2.70 (from RM3.10) and said it expects stronger earnings recovery in FY19F, driven by new power management products and lower tax rate.

"Raise FY19-20F EPS (earnings per share) by 3-6%.

"The stock fell 25% in 2018 due to an expected decline in FY18F net profit.

"Upgrade to 'add' from 'hold' for its attractive yields, with a lower RM2.70 target price," the research firm said.