LCL - Time to Reap the Rewards (take profit)

Since we upgraded the stock to a Trading Buy from a Neutral (see our March 12, ’09 report “A breath of fresh air”), LCL has surged 56.1% on the recent market rally, outperforming the KLCI by 49.4% over a similar period. As we still do not see a shift in terms of LCL’s fundamentals, we downgrade the stock to a Take Profit call from a Trading Buy as the stock price has exceeded our target price. We are retaining our TP, nonetheless. (OSK)