Cutting TP to MYR0.55; maintain HOLD. Perdana's 1Q12 results were well
below expectations, prompting us to: (i) forecast a loss of MYR11m for
2012 (vs. a profit of MYR25m previously), (ii) cut 2013 earnings by 90%
and (iii) lower our TP to MYR0.55 (-34%), pegging the stock to a lower
0.6x P/BV (from 0.8x). Prospects are desolate but its trough valuations
and a potential corporate exercise warrant a HOLD.
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Source: Maybank Research - 29 May 2012
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