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MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.: Positive Research Follows MOTOR OIL Solid 2004 Earnings

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.: Positive Research Follows MOTOR OIL Solid 2004 Earnings Two of Greece's top brokers, National Securities and P&K have published updated research reports for ASE listed Motor Oil Hellas (MOH), both maintaining favorable ratings and raising their target price. National Securities published a detailed update report on March 18th. It maintained its Buy rating for the MOH shares and increased its price target to Euro 12.25 from 11.22 Euro. National Securities maintains a positive 2005 outlook for Motor Oil's stock following its strong 2004 results and sustained increased refining margins above historic levels. National Securities also commented on the dividend payout exceeding expectations and slightly adjusted the assumptions in its valuation model which resulted in the higher target price. In its Flash Update Report dated March 7th reviewing 2004 Results, P&K reiterated its Overweight rating for Motor Oil Shares and raised its target price by 1 Euro to 12 Euro. The brokerage firm highlighted Motor Oil's strong 2004 results as well as the increased dividend payout of 0.85 Euro for this year which brings dividend yield at 6.8%. Motor Oil's stock closed at Euro 12.54 on May 4th. Motor Oil's turnover for 2004 amounted to 1.937

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