Target price cut to RM0.88 (-19%) following a 10-19% downgrade in
FY12-13F earnings forecasts on lower revenue recognition. While margin
pressure has abated on improving order flows, we are cautious of KNM's
cost management abilities and so retain a conservative stance on our
estimates. KNM needs to deliver a consistent set of quarterly results to
warrant a re-rating. Sell maintained.
Maybank research (13 January 2012)
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