Stock Name: NCB
Company Name: NCB HOLDINGS BHD
Research House: MIDF



MIDF Research has maintained a "neutral" call on NCB Holdings Bhd with a revised target of RM3.66 from RM4.00 due to cautious prospects in financal year 2011.

"We are revising our expectations on a dividend payout to 65 per cent for financial year 2010," it said in its research note today.

The transport and logistics services provider's revenue was below the expectations of the research house, coming at 66.7 per cent of full year estimates.

This was due to the continuing decline of haulage/logistics revenue which fell by 9.9 per cent year-on-year.

Pre-tax profit for its third quarter ended Sept 30, 2010, fell to RM54.3 million from RM56.1 million in the same quarter last year.

However, for the nine-month period, the group's pre-tax profit increased to RM149.8 million from RM129.5 million in the same period last year while revenue rose to RM658.8 million from RM606.8 million previously. -- Bernama