0800 GMT - Oiltek International is poised to benefit from growing order momentum in emerging markets, driven by under-investment in palm-oil refining capacity since the pandemic, says Phillip Securities Research's Paul Chew. The Singapore-listed vegetable and edible oil process engineering company continues to build its order books to record highs, the analyst notes. The rebound in palm-oil prices is fueling new planting and demand for refining capacity beyond Oiltek International's core markets of Indonesia and Malaysia, Chew adds. Phillip Securities raises its target price for the stock to S$1.19 from S$0.70, with an unchanged buy rating. Shares are 7.1% higher at S$0.985. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
November 20, 2024 03:00 ET (08:00 GMT)
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