Company Name: DUTCH LADY MILK INDUSTRIES BHD
|Research House: KENANGA||Price Call: BUY||Target Price: 34.20|
Kenanga raised its stock call on Malaysia's Dutch Lady Milk Industries Bhd to "outperform" from "market perform" after the dairy manufacturer reported an improvement in sales for its products.
"We remain positive on the company's prospect going ahead given its strong brand and market position," the broker said in a research note on Friday.
Dutch Lady's 1Q12 net profit of RM27.5 million (US$8.72 million) was in line with expectations, while revenue was up 9 percent year-on-year due to improved sales in its powder and liquid products, Kenanga said.
Kenanga kept its target price at RM34.20 (US$10.84) per share. -- Reuters