KUALA LUMPUR (Dec 18): CIMB IB Research has maintained its “Reduce” rating on Protasco Bhd at 20 sen with a lower target price of 17 sen (from 30 sen) and Protasco announced that 40%-owned HCM-Hatimuda JV’s package for SUKE highway has been terminated, with RM2.6 million earnings impact.

In a note Dec 17, the research house said this is a negative surprise; shaves 11% from its RM980 million order book, adding more pressure on its loss-making construction segment.

“FY18-20F EPS cut by 17-35%. Weak job execution and poor contract visibility is likely to weigh on its share price.

“Maintain Reduce, with lower target price,” it said.

source http://www.theedgemarkets.com/article/cimb-research-lowers-target-price-protasco-17-sen