Rogers & Co. Ltd., a Mauritian company with interests in tourism, aviation and construction, was raised to “accumulate” from “hold” at Cim Stockbrokers.
The upgrade is based on an expected improvement in earnings for the 2010-11 financial year and its high discount to book value, Port Louis-based Cim said in a note to clients today.
“The conglomerate is expected to post better results through September 2011 as the tourism industry is already showing signs of an upturn for the current quarter,” it said.
Rogers on Dec. 3 reported a 5 percent drop in net income to 620.2 million rupees ($20.3 million) for the year to September on wider losses at its hotels unit.
The company is trading at about a 21 percent discount to book value, Kishen Nadassen, senior research analyst at Cim, said in a phone interview.