Stock Name: EVERGRN
Company Name: EVERGREEN FIBREBOARD BHD
Research House: OSK
KUALA LUMPUR: Shares of EVERGREEN FIBREBOARD BHD [] fell in early trade on Tuesday, May 24 after its first quarter earnings slumped to RM5.75 million from RM33.08 million a year ago
At 9.01am, it was down five sen to RM1.17 with 192,500 shares done.
The FBM KLCI rose 2.21 points to 1,531.19. Turnover was 12.28 million shares valued at RM11.44 million. There were 53 gainers, 61 losers and 72 stocks unchanged.
OSK Research said while Evergreen's revenues were in-line with its estimates, profits disappointed both its and consensus estimates due to higher than expected rubber logs prices and weakening US dollar.
'This prompts us to lower our earnings estimates and we lower our FV for the stock to RM1.22 from RM1.70 previously. We downgrade Evergreen to a NEUTRAL from BUY previously,' it said.
Company Name: EVERGREEN FIBREBOARD BHD
Research House: OSK
KUALA LUMPUR: Shares of EVERGREEN FIBREBOARD BHD [] fell in early trade on Tuesday, May 24 after its first quarter earnings slumped to RM5.75 million from RM33.08 million a year ago
At 9.01am, it was down five sen to RM1.17 with 192,500 shares done.
The FBM KLCI rose 2.21 points to 1,531.19. Turnover was 12.28 million shares valued at RM11.44 million. There were 53 gainers, 61 losers and 72 stocks unchanged.
OSK Research said while Evergreen's revenues were in-line with its estimates, profits disappointed both its and consensus estimates due to higher than expected rubber logs prices and weakening US dollar.
'This prompts us to lower our earnings estimates and we lower our FV for the stock to RM1.22 from RM1.70 previously. We downgrade Evergreen to a NEUTRAL from BUY previously,' it said.
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