Hong Leong Investment Bank upgraded IJM Corp Bhd to "buy" from "trading buy" after shares of the construction firm plunged on its purchase of a 10 percent stake in its peer Scomi Group Bhd.
"We believe that the recent sell down is sentiment driven due to the negative perception on Scomi's political linkages," the research house said in a note on Thursday.
Maintaining a target price of RM5.48 per share on IJM, Hong Leong said it believed any price weakness is an opportunity to accumulate the stock, even though selling pressures may persist. -- Reuters
No comments:
Post a Comment