RHB Research cut its fair-value estimate for steel company Hiap Teck Venture Berhad to RM0.51 from RM0.58 to reflect weak demand for the company's products.
RHB lowered its net profit forecast for Hiap Teck for the financial year 2013/2014 by 2 to 3 percent in a research note on Monday due to lower estimates for sales volumes in the company's manufacturing and trading divisions.
At 9.23 am, Hiap Teck was down 0.99 percent at RM0.50 per share, while the benchmark KLSE composite index was down 0.02 percent at 1636.37. -- Reuters
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