Stock Name: UMCCA
Company Name: UNITED MALACCA BHD
Kenanga Research cut its target price for palm oil firm United Malacca Bhd to RM7.70 from RM8.00 after the firm announced weaker Q4 earnings.
Year-on-year net profits for Q4 dropped 46 percent to RM12.3 million due to higher fertilizer costs and lower fresh fruit bunches production, Kenanga said in a note.
Keeping its "outperform" call, Kenanga cut its earnings forecast for FY2013 by 5 percent to RM111 million, and FY2014 by 4 percent to RM114 million. -- Reuters
Company Name: UNITED MALACCA BHD
| Research House: KENANGA | Price Call: BUY | Target Price: 7.70 |
Kenanga Research cut its target price for palm oil firm United Malacca Bhd to RM7.70 from RM8.00 after the firm announced weaker Q4 earnings.
Year-on-year net profits for Q4 dropped 46 percent to RM12.3 million due to higher fertilizer costs and lower fresh fruit bunches production, Kenanga said in a note.
Keeping its "outperform" call, Kenanga cut its earnings forecast for FY2013 by 5 percent to RM111 million, and FY2014 by 4 percent to RM114 million. -- Reuters
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