2011年7月12日星期二

Oldtown Up 4.8% On Main Market Debut

Oldtown (5201.KU) is up 4.8% at MYR1.31 on its main market debut; Oldtown is a food and beverage and fast moving consumer goods company with regional presence in Malaysia, Singapore and Indonesia. The company raised MYR79.2 million via its IPO. OSK Research says "We remain neutral on the prospects of Oldtown's F&B segment which contributes the bulk of its revenue due to stiff competition and rising costs." It values the stock at 12.5X FY11 forecast earnings per share, which translates into a fair value of MYR1.34, or a 7.2% upside from its listing price of MYR1.25.

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