Stock Name: NAIM
Company Name: NAIM HOLDINGS BHD
Research House: OSK
KUALA LUMPUR: OSK Research believes there are downside risks to NAIM HOLDINGS BHD []'s earnings this year due to low levels of unbilled property sales, reduction in its stake of the SOGT from 30% to 10% and potentially disappointing job wins.
It said on Monday, May 23 that as a result, it cut its FY11-12 earnings by 24%, putting its estimates 22-25% below consensus.
'Our FV is cut to RM3.04 from RM5.10 and we downgrade Naim to a NEUTRAL. Although its share price has fallen 28% since its peak, we expect its performance to be pedestal given the less than optimistic outlook,' it said.
Company Name: NAIM HOLDINGS BHD
Research House: OSK
KUALA LUMPUR: OSK Research believes there are downside risks to NAIM HOLDINGS BHD []'s earnings this year due to low levels of unbilled property sales, reduction in its stake of the SOGT from 30% to 10% and potentially disappointing job wins.
It said on Monday, May 23 that as a result, it cut its FY11-12 earnings by 24%, putting its estimates 22-25% below consensus.
'Our FV is cut to RM3.04 from RM5.10 and we downgrade Naim to a NEUTRAL. Although its share price has fallen 28% since its peak, we expect its performance to be pedestal given the less than optimistic outlook,' it said.
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