Stock Name: HARTA
Company Name: HARTALEGA HOLDINGS BHD
MIDF Research downgraded Hartalega Holdings Bhd, the world's top synthetic glove maker, to a "neutral" from "buy" after shares of the company reached an all-time high.
"The stock has increased significantly in the last few months, appreciating 65.7 percent year-to-date and is currently trading at its highest level. At this juncture, we believe there is limited upside potential for price appreciation in the near term," said MIDF in a report on Wednesday.
It maintained a target price of RM5.10 for the stock.
The stock was buoyed by the company's improved earnings for the first half of 2013 financial year. Revenue rose 12 percent to RM502.7 million, while net profit rose 10.9 percent to RM111.9 million, according to MIDF.
Hartalega shares were up 1.84 percent at RM4.98. -- Reuters
Company Name: HARTALEGA HOLDINGS BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 5.10 |
MIDF Research downgraded Hartalega Holdings Bhd, the world's top synthetic glove maker, to a "neutral" from "buy" after shares of the company reached an all-time high.
"The stock has increased significantly in the last few months, appreciating 65.7 percent year-to-date and is currently trading at its highest level. At this juncture, we believe there is limited upside potential for price appreciation in the near term," said MIDF in a report on Wednesday.
It maintained a target price of RM5.10 for the stock.
The stock was buoyed by the company's improved earnings for the first half of 2013 financial year. Revenue rose 12 percent to RM502.7 million, while net profit rose 10.9 percent to RM111.9 million, according to MIDF.
Hartalega shares were up 1.84 percent at RM4.98. -- Reuters
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