F&N
KUALA LUMUR: Heineken Malaysia
led consumer stocks higher early Tuesday after its strong earnings in the 12 months ended June 30, 2016.
At 9.07am, the FBM KLCI was up 0.36 of a point to 1,671.20. Turnover was 84.56 million shares done valued at RM41.33mil. Advancers led decliners 146 to 83 and 176 counters were unchanged.
Heineken rose 48 sen to RM17.40 with 16,500 shares done. It announced a final dividend per share (DPS) of 35 sen.
Heineken’s earnings jumped 38.2% to RM60.87mil in the quarter ended June 30, 2016 from RM44.02mil a year ago driven by effective commercial strategy, investment behind brands and channel executions in a challenging external environment.
CIMB Equities Research is retaining its Add call with a higher target price of RM19.20 for Heineken after its earnings for the 12 months ended June 30, 2016 was above expectations.
BAT is up 24 sen to RM54.54 with just 100 shares done, F&N added 12 sen to RM26.30 and Nestle advanced eight sen to RM79.98.
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