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Hot Stock MPI falls 2.65% after AffinHwang Capital downgrades stock to Sell
by Cals Tue 25 Aug 2015, 22:13
Hot Stock
MPI falls 2.65% after AffinHwang Capital downgrades stock to Sell
KUALA LUMPUR (Aug 25): Shares of Malaysian Pacific Industries Bhd (MPI) ([You must be registered and logged in to see this image.] Financial Dashboard) fell in early today amidst thin trade after AffinHwang Capital Research downgraded MPI to Sell at RM6.42 with a lower target price of RM4.31 (from RM6.24) and said MPI reported a stronger-than-expected set of FY15 earnings.
At 9.14am, MPI fell 2.65% or 17 sen to RM6.25 with 22,800 shares done.
In a note today, the research house said MPI’s core earnings jumped 62% year-on-year underpinned by better demand and firmer margins.
“We believe, however, that MPI’s earnings could have peaked and are expected to decline in tandem with the ongoing inventory correction.
“Downgrade to Sell with a lower target price of RM4.31 based on mid-cycle P/B multiple of 1.1x,” it said.
MPI falls 2.65% after AffinHwang Capital downgrades stock to Sell
KUALA LUMPUR (Aug 25): Shares of Malaysian Pacific Industries Bhd (MPI) ([You must be registered and logged in to see this image.] Financial Dashboard) fell in early today amidst thin trade after AffinHwang Capital Research downgraded MPI to Sell at RM6.42 with a lower target price of RM4.31 (from RM6.24) and said MPI reported a stronger-than-expected set of FY15 earnings.
At 9.14am, MPI fell 2.65% or 17 sen to RM6.25 with 22,800 shares done.
In a note today, the research house said MPI’s core earnings jumped 62% year-on-year underpinned by better demand and firmer margins.
“We believe, however, that MPI’s earnings could have peaked and are expected to decline in tandem with the ongoing inventory correction.
“Downgrade to Sell with a lower target price of RM4.31 based on mid-cycle P/B multiple of 1.1x,” it said.
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