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HLIB Research downgrades Mudajaya to Hold, cuts target price

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HLIB Research downgrades Mudajaya to Hold, cuts target price Empty HLIB Research downgrades Mudajaya to Hold, cuts target price

Post by Cals Wed 27 Aug 2014, 23:07

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HLIB Research downgrades Mudajaya to Hold, cuts target price

Business & Markets 2014
Written by theedgemalaysia.com   
Wednesday, 27 August 2014 08:52

KUALA LUMPUR (Aug 27): Hong Leong IB Research (HLIB) has downgraded Mudajaya Group Bhd to a Hold with a lower target price of RM2.48 (from RM3.53) and said Mudajaya reported PATAMI of RM3.3 million for 2Q14 taking 1H14 to RM28.4 million or making up only 27.0% and 32.7% of HLIB’s and consensus’ estimates respectively.
In a note Wednesday, the research house said 2Q14 came in below expectations due to 1) lower revenue; 2) tail-end of projects; 3) additional work costs; 4) acceleration of works for projects; and 5) higher cost of materials.
“2H14 performance likely to remain lackluster due to dwindling order books, continued variation orders and accelerated works. Any significant rebound will only be visible in 2Q15
“We cut our recommendation to Hold as we expect continued earnings disappointments for the remaining year. Cut target price to RM2.48 (from RM3.53) based on SOP valuation, after we have updated our model,” it said.
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