KUALA LUMPUR: Shares of PPB GROUP BHD [] rose in morning trade on Wednesday, Feb 17 after Hwang DBS Vickers Research raised the target price to RM17.15 and ahead of its 50 sen dividend going ex on Feb 25.
At 11.17am, the share price was up 30 sen to RM16.30 with 174,300 shares done.
The FBM KLCI rose 9.96 points to 1,263.35. Turnover was 206.5 million shares valued at RM296 million. There were 292 gainers, 115 losers and 160 stocks unchanged.
Hwang DBS Vickers Research said it was maintaining its Hold recommendation on PPB and raised the target price to RM17.15.
It said at current levels, PPB's market cap of RM18.6 billion already more than reflects its 18.4% stake in Wilmar of RM17.0 billion before even taking into account any holding company discount and more illiquid status.
PPB has also declared a special dividend of 50 sen prior to the release of its 4Q results. The ex-date is Feb 25. This brings FY09 DPS to 55 sen or a yield of 3.5%.