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NewsKenanga cuts MISC to 'market perform' (3816)
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Kenanga cuts MISC to 'market perform' (3816)
by hlk Thu 12 Jul 2012, 12:21
Kenanga Research cut its call on Malaysian shipper MISC Bhd to "market
perform" from "outperform' due to weak tanker charter rates, high
bunker costs and overcapacity that allows for limited upside on
shareholder returns.
"Despite the recent run-up in MISC's share
price, we remain cautious on the company's prospect as we believe it
will continue to be plagued by several factors that are now affecting
the shipping industry," Kenanga said in a note on Thursday.
Kenanga,
however, raised its target price and financial earnings forecasts after
adjusting the ringgit to US dollar exchange rate.
MISC's target price was increased to RM4.76 per share from RM4.44.
Kenanga also increased MISC's financial year earnings forecast for 2012 to RM1.0 billion.
As of 9.39 am, MISC shares gained 0.6 percent against the Malaysian benchmark stock index's 0.2 percent rise. -- Reuters
perform" from "outperform' due to weak tanker charter rates, high
bunker costs and overcapacity that allows for limited upside on
shareholder returns.
"Despite the recent run-up in MISC's share
price, we remain cautious on the company's prospect as we believe it
will continue to be plagued by several factors that are now affecting
the shipping industry," Kenanga said in a note on Thursday.
Kenanga,
however, raised its target price and financial earnings forecasts after
adjusting the ringgit to US dollar exchange rate.
MISC's target price was increased to RM4.76 per share from RM4.44.
Kenanga also increased MISC's financial year earnings forecast for 2012 to RM1.0 billion.
As of 9.39 am, MISC shares gained 0.6 percent against the Malaysian benchmark stock index's 0.2 percent rise. -- Reuters
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