Kenanga ups Dutch Lady to outperform
KUALA LUMPUR, May 25 — Kenanga raised its stock call on Dutch Lady Milk Industries Bhd to outperform from market perform after the dairy manufacturer reported an improvement in sales for its products.
“We remain positive on the company’s prospect going ahead given its strong brand and market position,” the broker said in a research note today.
Dutch Lady’s 1Q12 net profit of RM27.5 million was in line with expectations, while revenue was up 9 per cent year-on-year due to improved sales in its powder and liquid products, Kenanga said.
Kenanga kept its target price at RM34.20 a share. — Reuters