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Hot Stock CBIP rises 4% on expectation to win more contracts
by Cals Fri 25 Apr 2014, 02:10
| Hot Stock CBIP rises 4% on expectation to win more contracts |
| Business & Markets 2014 |
| Written by Jeffrey Tan of theedgemalaysia.com |
| Thursday, 24 April 2014 15:27 |
KUALA LUMPUR (Apr 24): CB Industrial Product Holding Bhd (CBIP) rose as much as 4% after the palm oil equipment and parts manufacturer is expected to receive RM350 million worth of contracts this year from RM320 million previously.
AmResearch analyst Han Guey Ling said this raised CBIP’s FY15 earnings per share by 6% to account for the higher construction order book, and upgraded the stock’s fair value (FV) to RM5.15 from RM4.30.
At 3.18 pm today, CBIP gained 15 sen or 3% to RM4.77. The ninth top gainer saw some 623,700 shares done. It earlier hit a high of RM4.80.
However, analyst Hoe Lee Leng of RHB Investment Bank Bhd said she maintained FV of RM5.00 with a ‘neutral’ call on the stock.
“We notice CBIP has been rising over the week,” she told theedgemalaysia.com over the telephone.
According to Gan, CBIP is expected to win more contracts from Africa, Central/South America and Papua New Guinea.
This is due to higher demand for palm oil mills as there is an increase in mature areas of oil palm in Papua New Guinea and Liberia.
“We believe that CBIP is well-positioned to capitalise on these opportunities,” Gan said.
“The group has experience in these countries as it is currently building palm oil mills for Sime Darby Bhd and Rimbunan Hijau.
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