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Article: Macquarie lifts Asiatic price target
- Article from:
- New Straits Times
- Article date:
- May 11, 2009
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New Straits Times
05-11-2009
Macquarie lifts Asiatic price target
Edition: Main/Lifestyle
Section: Business Times
Type: Company
MACQUARIE Research Equities has raised its price target on Asiatic Development Bhd's stock to RM3.18 from RM1.13, but is maintaining its "underperform" rating based on its new crude palm oil (CPO) price assumptions.
The foreign research firm has raised its CPO price assumption to US$520 (RM1,835) per tonne from US$400 (RM1,412) per tonne for 2009 due to higher prices in the first four months of the year.
It has also correspondingly raised its fiscal-year 2009, 2010 and 2011 earnings per share (EPS) estimates for Asiatic by 72 per cent, 68 per cent and 48 per cent, ...