MIDF ups Konsortium to 'buy'

MIDF Research upped Malaysia's logistics services provider Konsortium Logistics Berhad to 'buy' from 'neutral' after the firm won several contracts from multinational corporations and secured a delayed coal shipment deal.

"We view positively its progress of securing more logistics contracts. We believe that this will be a long term earnings catalyst," MIDF said in a research note.

MIDF said Konsortium's haulage division had a stronger-than-expected performance with its Q1 haulage revenue increasing 15 percent year-on-year, despite the recent trouble in the industry due to higher depot charges and worsening depot conditions.

MIDF raised its FY2012 and FY2013 earnings forecasts by 29.1 percent and 9.3 percent, and raised its target price to 1.22 ringgit ($0.39) per share from 1.10 ringgit.

As of 0310 GMT, Konsortium's shares dropped 2.56 percent on the Malaysian benchmark stock index which fell 0.27 percent. - Reuters

KONSORT 6157

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