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STOCKS NEWS MALAYSIA-Alam Maritim rises after contract win

Shares of Alam Maritim Resources Bhd rose as much as 1.8 percent after the marine offshore services firm secured a 69 million ringgit ($22.50 million) contract to supply a workboat to a local oil and gas company.

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

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

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

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

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

0922 (0122 GMT)

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

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

AmResearch raised its target price on Top Glove Corp Bhd

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

"The improved operating environment enabled most of Top Glove'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 the company's portfolio mix of 80:20 (natural:synthetic rubber) places it in an attractive position to reap the benefits of stable latex prices amid resilient demand.

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

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

Keywords: MARKETS MALAYSIA STOCKSNEWS/ALAMMARITIM