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RHB Research downgrades Johore Tin to Sell, cuts fair value
by Cals Tue 04 Mar 2014, 08:06
RHB Research downgrades Johore Tin to Sell, cuts fair value
Business & Markets 2014
Written by theedgemalaysia.com
Tuesday, 04 March 2014 07:23
KUALA LUMPUR (March 4): RHB Research has downgraded Johore Tin Bhd to a Sell with a revised fair value of RM1.38 (from RM1.60) and said the company’s FY13 results came in below house estimates, reaching just 89% of forecasts.
In a note March 3, the research house said earnings estimates for FY14/15 were lowered by 9.3%/13.0% respectively to reflect weaker tin manufacturing revenue growth, sluggish F&B growth and expected increases in raw material prices.
“Johore Tin’s current valuation is pegged to 6x FY14F EPS,” it said.
Business & Markets 2014
Written by theedgemalaysia.com
Tuesday, 04 March 2014 07:23
KUALA LUMPUR (March 4): RHB Research has downgraded Johore Tin Bhd to a Sell with a revised fair value of RM1.38 (from RM1.60) and said the company’s FY13 results came in below house estimates, reaching just 89% of forecasts.
In a note March 3, the research house said earnings estimates for FY14/15 were lowered by 9.3%/13.0% respectively to reflect weaker tin manufacturing revenue growth, sluggish F&B growth and expected increases in raw material prices.
“Johore Tin’s current valuation is pegged to 6x FY14F EPS,” it said.
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