The share price of Stark Corporation Public Company Limited (SET: STARK) rose nearly 6% in the morning session on Friday as the securities have been in an oversold territory for weeks, while receiving an upgrade from Tris Ratings.
STARK was among the top 20 of oversold stocks in SET100 for weeks. From year to date, its share price has plummeted 46% despite gaining around 10% in this last week.
As of 10:16 local time BKK, the share price rose THB0.14 or 5.83% to THB2.54 per share, its highest in two weeks.
|Top 20 Oversold|
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Year to Date
Earlier, TRIS Rating removed the “CreditAlert” with “negative” implication placed on the company rating on STARK Corporation PLC (STARK) from 30 May 2022. At the same time, we affirm the company rating on STARK at “BBB+” with a “stable” outlook.
The “BBB+” rating continues to reflect STARK”s leading position in the wire and cable (W&C) business in the ASEAN region, the strong reputation and established operating record of Phelps Dodge International Thailand Ltd. (PDITL), as well as its enhanced profitability from a strategic shift to focus on high-margin products. However, the rating is constrained by the company”s susceptibility to raw material price risk and currency exchange risk.