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Public IB Research upgrades Daya Materials to Outperform, raises target price

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Public IB Research upgrades Daya Materials to Outperform, raises target price Empty Public IB Research upgrades Daya Materials to Outperform, raises target price

Post by Cals Wed 27 Nov 2013, 10:16

Public IB Research upgrades Daya Materials to Outperform, raises target price
Business & Markets 2013
Written by theedgemalaysia.com   
Wednesday, 27 November 2013 08:56
KUALA LUMPUR (Nov 27): Public IB Research has upgraded Daya Materials to Outperform (from Neutral) with a higher target price of 45 sen (from 37 sen) and said Daya may secure new price re-negotiations with Technip for its long-term contracts for both SD1 and SD2 simultaneously to commence earlier than expected.

In a note Wednesday, the research house said it acknowledges Daya’s ability to cement contracts with international oil players, while management wa also confident in concluding its negotiations and followed by contract awards earliest by Dec this year.

“In view of the fact that the Group is primed to impress further, we upgrade Daya to Outperform from Neutral with a revised target price of 45 sen (from 37 sen previously) in anticipation of Technip re-negotiation arrangement as well as lower effective tax rate going forward,” it said.
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