Stock Buy Call: DElong by OCBC Investment research!

Delong Holdings Ltd may advance after OCBC Investment Research upgraded its rating on the stock to 'buy' from 'hold' on expectations of higher earnings this year because of rising steel prices. In a client note, OCBC said it raised its target price for Delong to 0.16 sgd from 0.13. "We have upgraded (our full-year) net profit forecast from 95.8 mln sgd to 110.7 mln on the back of firmer prices for hot rolled coils products. Our fair price target for Delong has been upgraded to 0.16 cents on a PER (price-to-earnings ratio) of 8 times, due to the positive fundamentals," OCBC said.