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NewsAlliance Research downgrades TRC Synergy to Sell; slashes target price
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Alliance Research downgrades TRC Synergy to Sell; slashes target price
by Cals Mon 19 Aug 2013, 11:36
Alliance Research downgrades TRC Synergy to Sell; slashes target price
Business & Markets 2013
Written by theedgemalaysia.com
Monday, 19 August 2013 11:19
KUALA LUMPUR (Aug 19): Alliance IB Research has downgraded TRC SYNERGY BHD [] to a Sell at 64 and slashed its target price to 58 sen (from 76 sen) after a crane arm conducting works for the LRT extension project at TRC’s site fell and crushed a car last Saturday.
In a note Monday, the research house said this was the second accident suffered by TRC this year on the LRT job.
The research house said TRC would be meeting up with Prasarana today to determine the next course of action.
It said a stop work order had been issued by MPSJ and Prasarana on the accident site.
Aside potential delays, other negatives from the accident could include lawsuits, reputation loss and termination, said Alliance Research.
“We downgrade our rating on TRC from Trading Buy to SELL as we believe this second mishap incident will serve as a dent to share price given the increased perception of execution risk,” it said.
Business & Markets 2013
Written by theedgemalaysia.com
Monday, 19 August 2013 11:19
KUALA LUMPUR (Aug 19): Alliance IB Research has downgraded TRC SYNERGY BHD [] to a Sell at 64 and slashed its target price to 58 sen (from 76 sen) after a crane arm conducting works for the LRT extension project at TRC’s site fell and crushed a car last Saturday.
In a note Monday, the research house said this was the second accident suffered by TRC this year on the LRT job.
The research house said TRC would be meeting up with Prasarana today to determine the next course of action.
It said a stop work order had been issued by MPSJ and Prasarana on the accident site.
Aside potential delays, other negatives from the accident could include lawsuits, reputation loss and termination, said Alliance Research.
“We downgrade our rating on TRC from Trading Buy to SELL as we believe this second mishap incident will serve as a dent to share price given the increased perception of execution risk,” it said.
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