Wires

STOCKS NEWS MALAYSIA-Alam Maritim rises after contract win

Share

Shares of Alam Maritim Resources Bhd rose as muchas 1.8 percent after the marine offshore services firm secured a69 million ringgit ($22.50 million) contract to supply aworkboat to a local oil and gas company.

"While we are positive on the contract win, we do not expectit to have a material impact on Alam's earnings," AffinInvestment Bank said in a research note on Friday.

Nonetheless, Affin said the recent fall in Alam Maritim'sshares will give investors an opportunity to accumulate theshares at an attractive valuation of 0.9 times book value.

The counter has fallen by 21 percent from 70 sen in themiddle of April.

Affin maintained a 'trading buy' on Alam Maritim with anunchanged target price of 79 sen per share.

The counter rose 0.9 percent to 56 sen, against the broaderindex's 0.11 percent drop.

0922 (0122 GMT)

(Reporting by Yantoultra Ngui in Kuala Lumpur;yantoultra.ngui@thomsonreuters.com; Editing by PrateekChatterjee)

****************************************************************

09:16 STOCKS NEWS MALAYSIA-AmResearch ups Top Glove's fairvalue

AmResearch raised its target price on Top Glove Corp Bhd

to 6.50 ringgit per share from 6.30 ringgit, after theworld's largest rubber glove maker by volume reported earningsfor the financial year ended Aug. 31 that beat market estimates.

"The improved operating environment enabled most of TopGlove's increase in revenue to filter down to its bottom line,"the research house said in a note on Friday.

AmResearch maintained a 'buy' on the counter, saying thecompany's portfolio mix of 80:20 (natural:synthetic rubber)places it in an attractive position to reap the benefits ofstable latex prices amid resilient demand.

Shares of Top Glove rose 1.17 percent to 5.21 ringgit, whilethe broader index dropped 0.1 percent.

0103 GMT (Reporting by Yantoultra Ngui in Kuala Lumpur;yantoultra.ngui@thomsonreuters.com; Editing by PrateekChatterjee)($1 = 3.0670 Malaysian ringgits)

Keywords: MARKETS MALAYSIA STOCKSNEWS/ALAMMARITIM