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Oriental Holdings top loser on disappointing earnings
by Cals Fri 30 Aug 2013, 02:13
Published: Thursday August 29, 2013 MYT 4:06:00 PM
Updated: Thursday August 29, 2013 MYT 4:07:41 PM
Oriental Holdings top loser on disappointing earnings
KUALA LUMPUR: Shares of Oriental Holdings fell the most on Thursday, hitting a low of RM8.12 after a set of disappointing results which prompted analysts to reduce their target price.
At 3.44pm, it was down 18 sen to RM8.12. There were 172,400 shares done.
The FBM KLCI rose 18.69 points to 1,704.86. Turnover was 1.43 billion shares valued at RM1.46bil. Advancers beat decliners 632 to 158 while 235 counters were unchanged.
CIMB Equities Research said Oriental Holdings' results disappointed yet again in 2Q13 with 1H13 core earnings per share (EPS) coming in at 28% of its full-year forecast.
"We previously downgraded the stock after its 1Q13 results, which showed clear earnings risk in the automotive business. This issue is evident again in 2Q13.
"We cut our EPS forecasts by 15%-16% as well as our target price, which is still based on a 20% discount to RNAV, to reflect the continued losses in the automotive division," it said.
CIMB Research said it cut the target price from RM9.88 to RM8.07. A key downside catalyst is the continued weak earnings delivery.
Updated: Thursday August 29, 2013 MYT 4:07:41 PM
Oriental Holdings top loser on disappointing earnings
KUALA LUMPUR: Shares of Oriental Holdings fell the most on Thursday, hitting a low of RM8.12 after a set of disappointing results which prompted analysts to reduce their target price.
At 3.44pm, it was down 18 sen to RM8.12. There were 172,400 shares done.
The FBM KLCI rose 18.69 points to 1,704.86. Turnover was 1.43 billion shares valued at RM1.46bil. Advancers beat decliners 632 to 158 while 235 counters were unchanged.
CIMB Equities Research said Oriental Holdings' results disappointed yet again in 2Q13 with 1H13 core earnings per share (EPS) coming in at 28% of its full-year forecast.
"We previously downgraded the stock after its 1Q13 results, which showed clear earnings risk in the automotive business. This issue is evident again in 2Q13.
"We cut our EPS forecasts by 15%-16% as well as our target price, which is still based on a 20% discount to RNAV, to reflect the continued losses in the automotive division," it said.
CIMB Research said it cut the target price from RM9.88 to RM8.07. A key downside catalyst is the continued weak earnings delivery.
Cals- Administrator
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