MBM Resources continues ascent

By Surin Murugiah of theedgemalaysia.com | The Edge Malaysia – Thu, Jul 5, 2012

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KUALA LUMPUR (July 5): MBM Resources continued to extend its gains on Thursday after AmResearch Sdn Bhd on Tuesday reaffirmed its high conviction Buy on the stock and raised its fair value to RM4.30 from RM3.60 previously.

At 9.10am, MBM Resources was up 15 sen to RM3.95 with 390,200 shares traded.

“Our sum-of-parts valuation now pegs Perodua at 12x FY12F earnings (vs. 10x previously) to reflect its strong earnings traction, underpinned by a strong TIV rebound in the recently-announced May numbers,” said the research house.

MBM Resources jumped 61 sen  to RM3.80 on Wednesday.

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