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NewsHLIB Research downgrades Adventa to Hold, cuts target to 90 sen
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HLIB Research downgrades Adventa to Hold, cuts target to 90 sen
by Cals Thu 19 Mar 2015, 01:33
HLIB Research downgrades Adventa to Hold, cuts target to 90 sen
By TheEdge Markets.com / theedgemarkets.com | March 18, 2015 : 8:46 AM MYT
KUALA LUMPUR (March 18): [size=14]Hong Leong IB Research has downgraded Adventa Bhd to “Hold” at 91 sen with a lower target price of 90 sen (from RM1.20) and said the company’s results were below expectations.
HLIB said Adventa achieved revenue of RM11.2 million for 1QFY15, which translated into core earnings of RM800,000.
The research house said deviations were caused by higher than expected expenses from the trials of Home Dialysis business coupled with higher import cost due to depreciation of Ringgit.
“We are still positive on the Home Dialysis business and believe earnings should materialise in 2016.
“We cut forecasts by 25%-40% to address higher expenses as well as lower contribution from Home Dialysis business in FY2015.
“Downgrade to Hold, with target price also reduced to 90 sen, based on unchanged FY10/15E P/E of 19x, which is at a 25% discount to Asian healthcare players,” it said.
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By TheEdge Markets.com / theedgemarkets.com | March 18, 2015 : 8:46 AM MYT
KUALA LUMPUR (March 18): [size=14]Hong Leong IB Research has downgraded Adventa Bhd to “Hold” at 91 sen with a lower target price of 90 sen (from RM1.20) and said the company’s results were below expectations.
HLIB said Adventa achieved revenue of RM11.2 million for 1QFY15, which translated into core earnings of RM800,000.
The research house said deviations were caused by higher than expected expenses from the trials of Home Dialysis business coupled with higher import cost due to depreciation of Ringgit.
“We are still positive on the Home Dialysis business and believe earnings should materialise in 2016.
“We cut forecasts by 25%-40% to address higher expenses as well as lower contribution from Home Dialysis business in FY2015.
“Downgrade to Hold, with target price also reduced to 90 sen, based on unchanged FY10/15E P/E of 19x, which is at a 25% discount to Asian healthcare players,” it said.
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