Spackman shares jump after 'buy' call

SHARES of Korean movie producer Spackman Entertainment Group climbed on Friday after an optimistic analyst report said the penny stock was worth nearly twice as much as it was trading for.

The counter rose as much as 13.9 per cent or 1.7 Singapore cents to S$0.139 in the early afternoon. It was trading at S$0.138 at 1.30pm on the back of about 103.5 million shares traded.

In an initiation report with a "buy" call on Spackman and a target price of S$0.22, brokerage RHB said the group was set for a "strong turnaround". Spackman is going to release a crime action drama movie starring A-list actors in December and owns a 27.2 per cent stake in South Korea's largest entertainment talent agency, it added.