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Stock Watch MMHE shares down after weak 1Q results
by Cals Thu 08 May 2014, 19:13
| Stock Watch MMHE shares down after weak 1Q results |
| Business & Markets 2014 |
| Written by Bernama |
| Thursday, 08 May 2014 11:45 |
KUALA LUMPUR (May 8): Malaysia Marine and Heavy Engineering Holdings Bhd's (MMHE) share price on the Bursa Malaysia eased after the company reported a set of weak first quarter results yesterday.
As at 10.31 am, the counter slipped six sen to RM3.88 after opening weaker with only 52,000 shares traded.
Alliance Research Sdn Bhd expected a lower earnings for MMHE, year-on-year, as major projects would be completed in the first half of this year and only two projects would remain on MMHE's RM2.25 billion orderbook.
"If the group adds on new jobs in the second half this year, recognition of these jobs will only commence from financial year 2015 onwards," it said in a research note today.
The research firm lowered its financial year 2014 and 2015 forecasts by 25 per cent and 9.0 per cent, respectively, to reflect the smaller orderbook.
"We expect RM1.5 bilion-RM2 billion worth of new job additions by early financial year 2015 with recognition of these new jobs seen in late 2015 and 2016," it added.
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