Stock Name: MAYBULK
Company Name: MALAYSIAN BULK CARRIERS BHD
KUALA LUMPUR: Shares of Malaysian Bulk Carriers Bhd (Maybulk) dropped as much as 3.77 per cent after the country's second largest shipping firm's second-quarter earnings missed market expectations.
By 11:35 a.m. (0335 GMT), the counter dropped 2.52 per cent to RM1.55 per share with 291,500 shares traded, as compared with an average of 235,423 shares during the past 30 trading days. The broader index shed 0.1 per cent.
"With rates having tumbled 41 per cent year-on-year amid higher charter costs, Maybulk posted a surprise loss of RM1.2 million in the second quarter ended June 30, 2012, which disappointed our and street expectations," OSK Research said in a note on Friday.
Maintaining a 'sell' on the counter, the research house downgraded Maybulk's fair value to RM1.27 per share from RM1.46 previously.
"We expect the outlook to remain challenging and weakness to persist in the immediate term," OSK added. -- Reuters
Company Name: MALAYSIAN BULK CARRIERS BHD
| Research House: OSK | Price Call: SELL | Target Price: 1.27 |
KUALA LUMPUR: Shares of Malaysian Bulk Carriers Bhd (Maybulk) dropped as much as 3.77 per cent after the country's second largest shipping firm's second-quarter earnings missed market expectations.
By 11:35 a.m. (0335 GMT), the counter dropped 2.52 per cent to RM1.55 per share with 291,500 shares traded, as compared with an average of 235,423 shares during the past 30 trading days. The broader index shed 0.1 per cent.
"With rates having tumbled 41 per cent year-on-year amid higher charter costs, Maybulk posted a surprise loss of RM1.2 million in the second quarter ended June 30, 2012, which disappointed our and street expectations," OSK Research said in a note on Friday.
Maintaining a 'sell' on the counter, the research house downgraded Maybulk's fair value to RM1.27 per share from RM1.46 previously.
"We expect the outlook to remain challenging and weakness to persist in the immediate term," OSK added. -- Reuters
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