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Hot Stock Supermax soars 9.5% as new plants pique interest
by Cals Thu 22 Jan 2015, 02:28
Hot Stock
Supermax soars 9.5% as new plants pique interest
KUALA LUMPUR (Jan 21): Supermax Corp Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) rose as much as 18 sen or 9.5% among top gainers, as investors eyed the commencement of the rubber glove manufacturer's new production lines in Klang, Selangor.
Analysts said commencement of the production lines was significant to Supermax's expansion, following a delay.
“The re-rating catalyst for Supermax is the commencement of the new lines for the two plants, which the company has, if you’ve been following the story,” said an analyst.
Supermax rose to a high of RM2.08, before paring gains at RM2.05 at 2.38pm with some seven million shares traded. For comparison, the FBM KLCI added 7.44 points or 0.43%.
Last Monday (Jan 19), AllianceDBS Research Sdn Bhd analyst Tan Kee Hoong said in a report that Supermax had yet to confirm the commercial production of the two plants.
But industry sources suggested it had indeed started operations, according to Tan.
“If proven true, this would serve as an important re-rating catalyst for the stock, as it puts the company’s expansion plan back on track, after repeated delays,” sai Tan.
Tan had upgraded Supermax shares to a “buy” from “hold” with an improved target price of RM2.30, from RM2.20.
Supermax soars 9.5% as new plants pique interest
KUALA LUMPUR (Jan 21): Supermax Corp Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) rose as much as 18 sen or 9.5% among top gainers, as investors eyed the commencement of the rubber glove manufacturer's new production lines in Klang, Selangor.
Analysts said commencement of the production lines was significant to Supermax's expansion, following a delay.
“The re-rating catalyst for Supermax is the commencement of the new lines for the two plants, which the company has, if you’ve been following the story,” said an analyst.
Supermax rose to a high of RM2.08, before paring gains at RM2.05 at 2.38pm with some seven million shares traded. For comparison, the FBM KLCI added 7.44 points or 0.43%.
Last Monday (Jan 19), AllianceDBS Research Sdn Bhd analyst Tan Kee Hoong said in a report that Supermax had yet to confirm the commercial production of the two plants.
But industry sources suggested it had indeed started operations, according to Tan.
“If proven true, this would serve as an important re-rating catalyst for the stock, as it puts the company’s expansion plan back on track, after repeated delays,” sai Tan.
Tan had upgraded Supermax shares to a “buy” from “hold” with an improved target price of RM2.30, from RM2.20.
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