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KUALA LUMPUR (May 26): Shares of Signature International Bhd  rose 6.3% at mid-morming after posting record third quarter earnings.

At 10.16am, Signature rose 15 sen to RM2.53 with 104,670 shares done.

CIMB Research maintained its “Add” rating on the stock at RM2.38 with a higher target price of RM5.08 (from RM4.23) and said that at 121% of house full-year forecast, Signature’s 9MFY15 annualised net profit was above its expectations, mainly due to stronger-than-expected revenue and economies of scale.

“We raise our FY15-17 EPS forecasts by 16% to 23% to reflect higher top line growth. We also increase our target price while retaining our valuation basis of 30% discount to SOP to reflect its small market cap.

“The strong 3QFY15 net profit results and securing major contracts are potential re-rating catalysts for the stock. Signature remains an Add,” it said.

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