Kenanga Research downgraded Malaysia's third-largest mobile phone operator DiGi.Com Bhd to 'underperform' from 'market perform' after results for the first nine-months of the year came in below its expectations
DiGi's net profit for the nine-month period rose 11.7 per cent to RM960.2 million, accounting for 73 per cent of Kenanga's estimates, the brokerage said in a report today.
Kenanga had earlier lowered its target price on DiGi shares to RM4.95 from RM5.20, based on lower estimates for future earnings.
Shares of DiGi rose 0.91 per cent to an all-time high of RM5.53 as at 01124 GMT.
"We are of the view that most of the stock's near-term catalyst have already been priced in and we suggest investors to lock in their profits while waiting for the next catalyst to emerge," said Kenanga. - Bernama
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