Fibrechem ( Report From UOB Kay Hian)

Fibrechem Technologies Ltd may still rise after Kim Eng Securities unit Kelive Research upgraded its target price for the stock to 1.47 sgd per share from 1.25. In a note, Kelive said it feels the increased target for the textile manufacturer "is justified given Fibrechem's outstanding growth potential." Kelive expects net profit at Fibrechem to rise from 196.9 mln hkd in 2005, to 368.7 mln this year, 507.1 mln next year and further to 521.9 mln in 2008. Fibrechem added 0.06 sgd or 5.66 pct to close at 1.12 on Friday.