Stock Name: QL
Company Name: QL RESOURCES BHD
Research House: OSK
KUALA LUMPUR: OSK Research has maintained its buy recommendation on QL Resources at RM3.72 and upgraded its target price for the stock to RM4.65 (from RM4.30 previously).
The research house said while the 4Q monsoon season typically affects the performance of QL's marine processing manufacturing (MPM) segment and palm oil milling, its FY10 net profit still beat its own and consensus estimates.
"It was 17.9% above our full-year forecast. Net earnings for 4Q were 40.3% better against that in the previous corresponding quarter, primarily attributed to strong contribution from its marine product manufacturing (MPM) segment as the company benefited from higher pricing and sales from Japanese surimi stockists.
"Given its segment-wide expansion, we are prompted to revise higher QL's earnings by 8% for FY11 and upgrade our target price from RM4.30 to RM4.65 on FY11 numbers," it said.
Company Name: QL RESOURCES BHD
Research House: OSK
KUALA LUMPUR: OSK Research has maintained its buy recommendation on QL Resources at RM3.72 and upgraded its target price for the stock to RM4.65 (from RM4.30 previously).
The research house said while the 4Q monsoon season typically affects the performance of QL's marine processing manufacturing (MPM) segment and palm oil milling, its FY10 net profit still beat its own and consensus estimates.
"It was 17.9% above our full-year forecast. Net earnings for 4Q were 40.3% better against that in the previous corresponding quarter, primarily attributed to strong contribution from its marine product manufacturing (MPM) segment as the company benefited from higher pricing and sales from Japanese surimi stockists.
"Given its segment-wide expansion, we are prompted to revise higher QL's earnings by 8% for FY11 and upgrade our target price from RM4.30 to RM4.65 on FY11 numbers," it said.
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