[Dow Jones] STOCK CALL: OSK Research keeps Supermax (7106.KU) at Buy; says glove maker's 3Q net profit "way above consensus" and house expectations, with its 9-month cumulative net profit making up 99% and 95% of consensus and house FY09 forecast respectively on higher sales, selling prices of gloves. Raises target to MYR4.68 from MYR3.85 after revising up FY09-10 earnings forecasts by 22%-30% given stronger-than-expected demand for rubber gloves. "Going into 4QFY09, we believe its results would still be robust, mainly because there has been minimal capacity expansion on the part of glove makers this year even as demand for gloves is anticipated to grow by about 10 billion pieces, or 7%, annually," says OSK. Shares last off 2.4% at MYR3.22 on post-results profit-taking (ECH)
Dow Jones Newswires
October 15, 2009 03:55 ET (07:55 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.
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