=MARKET BUZZ: Malaysia's Star Media Up On Strong 1Q; Brokerages Raise To Buy
KUALA LUMPUR (May 17) -- Star Media Group rises 5% at MYR1.05, after its 1Q net profit up 70.3% on-year, in-line with expectations. Maybank Investment Bank upgrades stock to Buy, says negative outlook has been largely priced. "At 0.9x FY18 P/BV, valuations have also turned attractive giving rise to it being a potential takeover target," says house in investor note; keeps target price at MYR1.25. Adds, company's MYR327 million net cash and 12% dividend yield also adds to its merits. TA Securities upgrades stock to Buy, expects upside to profit assumption from potential mergers and acquisitions, cost rationalization exercises. House keeps target price at MYR1.20, views year-to-date sell down which resulted a 39.4% fall has been overdone.
- By Chong Sin Hao; Dave.Chong@nikkeinewsrise.com; +60320267363
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