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Author: Tan KW   |   Latest post: Wed, 16 Oct 2019, 6:48 PM

 

Inari falls further as management turns cautious on outlook

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KUALA LUMPUR (Jan 4): After tumbling to a one-year low yesterday, shares of Inari Amertron today continued being sold down by investors as its management turned cautious on the group's near-term outlook for its radio frequency (RF) division.

CIMB Research, which hosted members of Inari's management at the Corporate Day yesterday, reported that the group expects RF contribution to fall to 40% in its 2019 financial year ending June 30, 2018 (FY19).

Shares in Inari slipped 3 sen or 2.36% to RM1.24 in early trade today. It was actively traded with 13.45 million shares crossed as at 9.51am. 

Yesterday, shares in Inari had tumbled 20 sen or 13.61% on a downward earnings revision by its client, Apple Inc. 

The research house maintained its add call on the stock but lowered its target price to RM1.65. It lowered its earnings per share forecasts for FY19 by 3% on more cautious overall RF growth prospects.

That being said, the research house is "optimistic for stronger earnings growth from the fourth quarter of FY19, driven by (Inari's) new mini-LED and sensor product portfolio", according to its report.

"Moreover, we are encouraged to learn the group has identified potential customers for all three blocks of the P34 plant," CIMB Research analyst Mohd Shanaz Noor Azam wrote.

Another technology stock that was hit this morning was Globetronics Technology Bhd, which lost a further 6 sen or 4.05% to RM1.42 in early trade after falling 24 sen or 13.95% yesterday.

 

http://www.theedgemarkets.com/article/inari-falls-further-management-turns-cautious-outlook

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