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Hot Stock Aeon Credit falls on asset quality concerns, downgrade by RHB Research

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Hot Stock Aeon Credit falls on asset quality concerns, downgrade by RHB Research Empty Hot Stock Aeon Credit falls on asset quality concerns, downgrade by RHB Research

Post by Cals Sun 21 Sep 2014, 18:52

Hot Stock Aeon Credit falls on asset quality concerns, downgrade by RHB Research
Business & Markets 2014
Written by Surin Murugiah of theedgemalaysia.com   
Friday, 19 September 2014 11:00

KUALA LUMPUR (Sept 19): Aeon Credit Services (M) Bhd was the top loser on Bursa Malaysia in late morning trade after RHB Research downgraded the stock to "neutral" (from "buy") at RM16.48 with a lower fair value of RM18 (from RM18.70) to reflect asset quality risks.

At 10.41am,Aeon Credit fell 2.79% or 46 sen sen to RM16.02 with 80,700 shares done.

In a note Friday, RHB Research the company’s 2QFY15 results met house and consensus expectations but asset quality had deteriorated, with the NPL ratio rising to 2.65% from 2.18% at end-1QFY15.

“While management said the rise was seasonal, we believe there may be lingering concerns,” it said.
Cals
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