KUALA LUMPUR (June 24): Kenanga IB Research has upgraded CB Industrial Product Bhd (CBIP) to “Outperform’ at 98.5 sen with an unchanged target price of RM1.10 and said the firm has secured contracts from Malaysia Airport Sdn Bhd for 17 units of Airport Fire Vehicles worth RM76.2 million.

In a note today, the research house said it was positively surprised as order-book for the SPV division was previously fully exhausted.

“Tweaked FY19-20E earnings higher by 1%/2% to account for new SPV wins.

“Upgrade to Outperform with an unchanged target price of RM1.10 after 18% share price retracement,” it said.