NST Online Business Times : latest
NST Online Business Times : latest |
| Nomura cuts QL Resources target price Posted: 20 Nov 2012 07:08 PM PST Nomura Equity Research cut agricultural producer QL Resources Bhd's target price to RM3.80 per share from RM4.00 after earnings in the first half of 2013 financial year came in weaker than expected. QL's net income of RM68 million, which grew 4 percent year-on-year, missed estimates due to weak crude palm oil prices and a supply glut in eggs after the holiday season, Nomura said in a note on Wednesday. However, Nomura expected earnings to improve for the rest of 2013 and 2014 due to rising food and commodities prices. "We remain bullish on the outlook for the rest of FY2013-2014, given the egg production margin is back to normal after capacity rationalisation by players, and we anticipate crude palm oil prices to move up next year." -- Reuters |
| Affin downgrades MMHE to 'sell' Posted: 20 Nov 2012 07:10 PM PST Affin Investment Bank cut its rating on Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) to "sell" from "reduce" after the company reported lower net earnings for the third quarter. Net profit dropped to RM8.1 million in the quarter ended Sept. 30 from RM55.3 million in the preceding quarter due to a RM50 million provision for a project and losses of RM17.5 million in its jointly controlled units, said Affin. "The disappointing results validate our long-held concern for the company's highly demanding valuations," said Affin in a report on Wednesday. The brokerage cut its target price on MMHE to RM4.02 from RM4.60. -- Reuters |
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