CIMB Equities Research has upgraded DRB-Hicom from Hold to Add with a higher target price of RM1.60
KUALA LUMPUR: The Employees Provident Fund Board disposed of five million shares of DRB-Hicom on Aug 2 when the share price was on an upward trend.
A filing with Bursa Malaysia, showed after the sale of the 0.25% stake, the EPF's shareholding was reduced to 113.15 million shares or 5.85%.
Shares of the diversified group has surged over the recent week on strong newsflow and corporate news.
CIMB Equities Research is retaining its earnings forecast for DRB-Hicom and target price of RM1.60, which is a 10% discount to the realised net asset value (RNAV).
It said on Monday that a successful disposal of Proton at a good price would act as a catalyst for the share price.
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