RESEARCH ALERT-OSK downgrades Malaysia's KNM Group

KUALA LUMPUR Fri Jan 11, 2008 12:57am GMT

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KUALA LUMPUR Jan 11 (Reuters) - OSK Investment Research on Friday downgraded to neutral its recommendation on Malaysian energy services firm KNM Group Bhd (KNMP.KL).

KNM's share price has rallied to near OSK's target price and an acquisition of a Belgian process equipment manufacturer for about 96 million Malaysian ringgit ($29.38 million) has brought risks to the firm, OSK said.

KNM shares last traded at 7.90 ringgit. OSK has a target price of 8.50 ringgit on the stock. (Reporting by Hsu Chuang Khoo; Editing by Naveen Thukral)