Stock Name: GLOMAC
Company Name: GLOMAC BHD
TA Securities cut its target price of property developer Glomac Bhd to RM0.98 (US$0.31) per share from RM1.10 due to sales slowdown seen next year.
The research house said in note Glomac's sales momentum in FY2013 is expected to normalise after strong growth in FY 2012 as it faces delays in rolling out new townships.
TA Securities still kept its buy call on the stock but said it had cut its FY2013-2014 earnings forecast by 14-16 percent to factor in the changes in Glomac's future earnings and cash flow projections. -- Reuters
Company Name: GLOMAC BHD
| Research House: TA | Price Call: SELL | Target Price: 0.98 |
TA Securities cut its target price of property developer Glomac Bhd to RM0.98 (US$0.31) per share from RM1.10 due to sales slowdown seen next year.
The research house said in note Glomac's sales momentum in FY2013 is expected to normalise after strong growth in FY 2012 as it faces delays in rolling out new townships.
TA Securities still kept its buy call on the stock but said it had cut its FY2013-2014 earnings forecast by 14-16 percent to factor in the changes in Glomac's future earnings and cash flow projections. -- Reuters
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