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Hot Stock MKH rises 9% as Kalimantan plantation seen bearing fruit

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Hot Stock MKH rises 9% as Kalimantan plantation seen bearing fruit Empty Hot Stock MKH rises 9% as Kalimantan plantation seen bearing fruit

Post by Cals Mon 06 Jan 2014, 15:09

Hot Stock MKH rises 9% as Kalimantan plantation seen bearing fruit
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com   
Monday, 06 January 2014 12:57

KUALA LUMPUR (Jan 6): MKH Bhd's share price rose as much as 9% as the company is poised to benefit from its 14,400 hectares of palm oil estates in East Kalimantan, given an uptrend in crude palm oil (CPO) prices.

At midday break, MKH rose 26 sen or 9% to RM3.21. The fifth top gainer saw trades of some 6 million shares.

Rising in tandem were its warrant (MKH-WB) on trades of some 3 million units. The top third gainer jumped 33 sen or 25% to RM1.63.

The Edge quoted HwangDBS Vickers Research this week as saying that despite a young age profile of around four years for its oil palm estates, the segment booked RM29 million in earnings before interest and tax in FY13.

“We expect plantation contribution to increase to 29% and 39% of group earnings in FY14 and FY15 respectively,” said the research house.

“It is the cheapest plantation proxy at five times earnings.”

HwangDBS said MKH’s venture into palm oil cultivation in Indonesia since 2008 has started to bear fruit, driving up core profit by 96% in FY13.

“We project a 31% three-year earnings CAGR driven by plantation and property,” it said, adding it rated the stock a ‘buy’ with target price of RM5.40.

Meanwhile, Kenanga Research in a note today said MKH would see immediate technical support and resistance levels at RM2.82 and RM2.98 respectively.
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