JCY International up after upgrade by OSK Research

KUALA LUMPUR (Dec 23): JCY International Bhd shares rose on Friday after
OSK Investment Research raised its recommendation on JCY Trading Buy
from Sell.

At 9.35am, JCY added half a sen'' to 91.5 sen with 844,400 shares traded.

OSK Research on Thursday upgraded the TECHNOLOGY [] sector to Neutral
and said that better HDD pricing could help mitigate losses from the
Thailand flood.

It said that against the backdrop of the massive
works in progress to restore operations following Thailand's crippling
floods, the worst could well be over.

The research said it had
become less bearish on the hard-hit HDD components sector given the
ongoing accelerated restoration as well as potential price hike over the
immediate term, which could mitigate the earnings pressure from forgone
capacity in the short term.

'As for JCY, we are raising our
earnings forecast by more than 100% as their equipment was unscathed.
Valuation switched from 0.9x PBV to 8x FY12 PER.

'Call upgraded
to Trading Buy with Fair Value of RM1.30. Understand that there are
rumours of a strong price push over the next 1 month,' it said.

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