Reuters: Hot Stocks: STOCKS NEWS MALAYSIA-Maybank ups Top Glove to buy

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STOCKS NEWS MALAYSIA-Maybank ups Top Glove to buy Apr 24th 2012, 01:45 Mon Apr 23, 2012 9:45pm EDT Maybank IB Research upgraded Malaysia's Top Glove Corp Bhd to buy from sell as sales outlook of the world's largest rubber glove maker turns stronger. "We have turned positive on Top Glove -- its sales has picked up further and is almost back to its H1N1 peak; and latex cost (key input) has begun its seasonal downtrend," said the broker in a research note on Tuesday. The research house also raised Top Glove's target price to 5.40 ringgit per share from 4.20 ringgit previously. "Our new target price-to-earnings ratio of 16 times pegs the stock back to its mean valuations as we believe sentiment towards the stock has turned positive on long-term global rubber supply surplus outlook," it added. By 0143 GMT, Top Glove's shares fell 0.42 percent, underperforming the Malaysian benchmark stock index that dropped 0.05 percent.

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