Reuters: Hot Stocks: STOCKS NEWS MALAYSIA-MIDF raises Eastern & Oriental to buy

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STOCKS NEWS MALAYSIA-MIDF raises Eastern & Oriental to buy Apr 24th 2012, 01:58 KUALA LUMPUR, April 24 | Mon Apr 23, 2012 9:58pm EDT KUALA LUMPUR, April 24 (Reuters) - MIDF Research upgraded Eastern & Oriental Bhd to buy with an unchanged target price of 1.70 ringgit per share following the property firm's maiden foray into the United Kingdom. The broker said the recent retracement of Eastern & Oriental's share price also rendered the counter attractive, with projected total return of more than 15 percent. "At yesterday (Monday)'s closing price of 1.42 ringgit per share, investors would be paying 38 percent lower than what Sime Darby paid for its stake in Eastern & Oriental at 2.30 ringgit per share," MIDF said in a note on Tuesday. Eastern & Oriental announced on Monday its proposal to buy an office cum retail building known as Princes House in London for some 101 million ringgit. By 0150 GMT, shares of Eastern & Oriental was unchanged at 1.42 ringgit per share, as compared with the Malaysian benchmark stock index that shed 0.14 percent. 0953 (0153 GMT) (Reporting by Yantoultra Ngui in Kuala Lumpur; yantoultra.ngui@thomsonreuters.com) **************************************************************** 9:45 STOCKS NEWS MALAYSIA-Maybank ups Top Glove to buy 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. 0943 (0143 GMT) (Reporting by Anuradha Raghu in Kuala Lumpur; anuradha.raghu@thomsonreuters.com) Link this Share this Digg this Email Reprints

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