We decided to cut loss on our position in ALAM of 15,000 shares in the THEMATIC Portfolio that we added on 13 Feb 2015 @ RM0.79/share, resulting in a loss of RM975. Although its current price of RM0.725/share is still higher than the strict cut-loss level of RM0.70/share, the current sluggish crude oil price prompted us to dispose of our position in this O & G counter. In addition, its FY14 results announced last Friday missed our estimates by 22%, and were 20% below market consensus. As a result, we trimmed our FY15 estimate by 24% and cut the price target to RM0.44/share from RM0.59/share with an UNDERPERFORM call.

Source: Kenanga