Bursa Malaysia Stock Watch

Ann Joo Resources: Maintain Sell - Risks from soft global steel outlook

kltrader
Publish date: Wed, 29 Feb 2012, 09:34 AM
kltrader
0 20,407
This blog provides consolidated Bursa Malaysia stock market research, analysis, news and blogs from various sources. You can search and find all the past analysis and coverage on stocks and news by searching within this site. While this blog re-publishes contents from other sites, it does not own the rights nor responsible for the accuracy of the contents. If you disagree to your content from being published here, please add a comment, and your article will be removed from this site.
Maintain Sell. 2011 core net profit of RM113m (+1% YoY) was 8% below our forecast but in line with consensus. Though we are positive on domestic ETP-led demand growth, we think margins will continue to be pressured by soft international ASPs. We have tweaked our 2012-13 EPS upward by 3-6% p.a. to incorporate better trading earnings ahead. Maintain Sell and TP of RM1.30 (0.6x trough-cycle P/BV).

Maybank Research 29 Feb 2012

Click here for full report
Related Stocks
Market Buzz
Discussions
Be the first to like this. Showing 0 of 0 comments

Post a Comment