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NewsMaybank IB downgrades Tanjung Offshore to Sell, cuts TP to 70 sen
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Maybank IB downgrades Tanjung Offshore to Sell, cuts TP to 70 sen
by hlk Wed 21 Dec 2011, 13:26
Larger Smaller Reset KUALA LUMPUR (Dec 21): Maybank Investment Bank Bhd
Research has downgraded TANJUNG OFFSHORE BHD [] to Sell from Buy
previously and cut its target price to 70 sen (from 98 sen) ahead of the
company's 4Q results.
The research house said Tanjung's 4Q results would be hit by a confluence of issues at its engineering equipment division.
'For this, we forecast TOFF to end 2011 with a higher net loss of RM14
million, making consensus and our initial estimates untenable.
'The stock is unlikely to re-rate until the company shows tangible signs
of managing costs effectively,' it said in a note Wednesday.
Research has downgraded TANJUNG OFFSHORE BHD [] to Sell from Buy
previously and cut its target price to 70 sen (from 98 sen) ahead of the
company's 4Q results.
The research house said Tanjung's 4Q results would be hit by a confluence of issues at its engineering equipment division.
'For this, we forecast TOFF to end 2011 with a higher net loss of RM14
million, making consensus and our initial estimates untenable.
'The stock is unlikely to re-rate until the company shows tangible signs
of managing costs effectively,' it said in a note Wednesday.
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