Maybank Research downgraded Malaysian glovemaker Hartalega Holdings Berhad on Monday to hold due to bleak sales forecasts for the world's largest nitrile glove manufacturer in the next two years even though it announced aggressive expansion plans.
Hartalega on Friday announced plans to build a RM1.5 billion glove making facility that will house 70 new high tech production lines with a total annual capacity of 24.5 billion gloves.
"We lower our FY13-14 earning per share forecasts by 7 per cent per annum on 3 per cent lower sales volume estimates," said the broker in a research note to clients.
Maybank also cut the firm's stock target price to RM8.50 from RM9.20.
As of 948 am, shares in Hartalega rose 1.27 per cent, outperforming the Malaysian stock exchange index, which dropped 0.44 per cent. - Reuters
This is a better-quality article as they all are. I am waiting to read even more about this topic. I make fun of been wonder wide this an eye to some beat now. Thanks for sharing.
ReplyDelete