Universal Rises Most in 6 Years on Deutsche Forecast (Update2)

By Ian Sayson

Jan. 6 (Bloomberg) -- Universal Robina Corp., the largest Philippine maker of snackfood, jumped the most in six years in Manila trading after its share-price forecast was almost doubled by Deutsche Bank AG on its earnings prospects.

Universal Robina climbed 9.7 percent to 17 pesos at the noon close of trading in Manila, its steepest advance since Jan. 7, 2004. A total of 9.2 million shares changed hands today, three times the six-month daily average. The stock also had the biggest percentage gain in the benchmark Philippine Stock Exchange Index, which added 0.4 percent.

Deutsche Bank raised the stock’s 12-month share-price forecast to 16 pesos from 8.50 pesos as it forecasts the Manila-based company’s earnings will increase 15 percent in its fiscal year ending September and by 11 percent in 2011. The brokerage kept its “hold” rating on the shares. Click here to read more...