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MIDF Research maintains Sell on Kinsteel, cuts target price to 16 sen

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MIDF Research maintains Sell on Kinsteel, cuts target price to 16 sen Empty MIDF Research maintains Sell on Kinsteel, cuts target price to 16 sen

Post by Cals Thu 28 Nov 2013, 10:26

MIDF Research maintains Sell on Kinsteel, cuts target price to 16 sen
Business & Markets 2013
Written by theedgemalaysia.com   
Thursday, 28 November 2013 09:46
KUALA LUMPUR (Nov 28): MIDF Research has maintained its Sell rating on Kinsteel Bhd at 18.5 sen with a lower target price of 16 sen (from 22 sen) and said the company’s wider 3QFY13 net loss was weighed down by lower production and sales volume, lower margins and interruption of gas supply for 2 months.
In a note Thursday, the research house said steel prices were still weak while raw material prices are likely to remain volatile in the near term due to global uncertainties.
“Subsidiary, Perwaja Holdings has been designated a PN17 company.
“Book value per share continues to deplete due to losses. Maintain Sell with target price lowered to 16 sen pegged to a (price-book) PB multiple of 0.5x,” it said.
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