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NewsMIDF ups Star target price to RM3.70 (6084)
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MIDF ups Star target price to RM3.70 (6084)
by hlk Fri 20 Jul 2012, 20:54
MIDF Research raised Star Publications (Malaysia) Bhd's target price to
RM3.70 from RM3.50 per share citing positive impact of the media
company's latest acquisition of an event management firm.
"We
view positively this latest acquisition and believe that it is a good
move as the company strives to diversify its income source. It will
complement its existing print, radio and tv businesses," the research
house said in a note on Friday.
Maintaining 'buy' on the counter, MIDF said the new acquisition will moderate the secular decline in the newsprint industry.
Star said yesterday that it acquired CNM Events Marketing SDN BHD for 45 million ringgit ($14.27 million).
Star shares pared early gains and were flat by 11.03 am (0303 GMT). -- Reuters
RM3.70 from RM3.50 per share citing positive impact of the media
company's latest acquisition of an event management firm.
"We
view positively this latest acquisition and believe that it is a good
move as the company strives to diversify its income source. It will
complement its existing print, radio and tv businesses," the research
house said in a note on Friday.
Maintaining 'buy' on the counter, MIDF said the new acquisition will moderate the secular decline in the newsprint industry.
Star said yesterday that it acquired CNM Events Marketing SDN BHD for 45 million ringgit ($14.27 million).
Star shares pared early gains and were flat by 11.03 am (0303 GMT). -- Reuters
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