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Maybank IB Research downgrades Star to Sell, slashes target price
by Cals Wed 14 Aug 2013, 08:55
Maybank IB Research downgrades Star to Sell, slashes target price
Business & Markets 2013
Written by theedgemalaysia.com
Wednesday, 14 August 2013 08:51
KUALA LUMPUR (Aug 14): Maybank IB Research has downgraded STAR PUBLICATIONS (M) BHD [] to a Sell from Hold at RM2.79 and slashed its target price to RM2.12 (from RM2.65) and said the pace of The Star’s year-on-year print adex contraction accelerated after the 13th general election and is unlikely to improve markedly going forward.
In a note Wednesday, the research house said it cut its earnings estimates by 24-27% as it now expects Star’s print adex to contract by 4% this year (+0% previously).
“As we still expect 18 sen annual DPS, Star would dividend out more than what it earns.
“In tandem with our lower earnings estimates, we also cut our target price by 20% to R2.13. With 24% downside potential and a weak outlook, we downgrade Star to Sell,” it said.
Business & Markets 2013
Written by theedgemalaysia.com
Wednesday, 14 August 2013 08:51
KUALA LUMPUR (Aug 14): Maybank IB Research has downgraded STAR PUBLICATIONS (M) BHD [] to a Sell from Hold at RM2.79 and slashed its target price to RM2.12 (from RM2.65) and said the pace of The Star’s year-on-year print adex contraction accelerated after the 13th general election and is unlikely to improve markedly going forward.
In a note Wednesday, the research house said it cut its earnings estimates by 24-27% as it now expects Star’s print adex to contract by 4% this year (+0% previously).
“As we still expect 18 sen annual DPS, Star would dividend out more than what it earns.
“In tandem with our lower earnings estimates, we also cut our target price by 20% to R2.13. With 24% downside potential and a weak outlook, we downgrade Star to Sell,” it said.
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