=MARKET BUZZ: Kenanga Ups Malaysia Kuala Lumpur Kepong's Target Price To MYR25.75
KUALA LUMPUR (Feb 13) -- Kenanga Investment Bank raises Kuala Lumpur Kepong target price to MYR25.75 from MYR25.00. Keeps Market Perform call. Expects better downstream performance for the year to offset weaker crude palm oil prices and an "average" fresh-fruit bunch growth. Notes, oleochemical segment to perform stronger, due to stable input prices and improved utilization as well as potentially better demand, if crude oil prices resume uptrend. House projects “modest, but stable” long-term growth for upstream segment as company starts new planting in Liberia and replanting in Sabah and Indonesia. Shares currently unchanged at MYR25.24.
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