Kenanga Upgrades Malaysia’s Plastics Sector to Overweight — Market Talk

0336 GMT [Dow Jones] Kenanga upgrades Malaysia’s plastics and packaging sector to an overweight rating from neutral. Its top picks are industrial stretch film maker Scientex (4731.KU) and plastic packaging company SLP Resources (7248.KU), “on strong upsides from current levels.” Kenanga upgrades Scientex to an outperform from hold and raises the target price on the stock to 15.13 ringgit from MYR13.25. The broker keeps SLP at a buy rating while increasing the target price to MYR3.11 from MYR2.24. “We believe the plastic sector will fare well for investors in coming quarters with industry favorable macroeconomic factors such as resin cost and exchange rates remaining largely unchanged,” says Kenanga. Scientex’s shares are up 0.2% at MYR12.76 while SLP shares are up 0.7% at MYR2.80. (celine.fernandez[a]

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