KUALA LUMPUR (Feb 17): RHB Research has downgraded Integrax Bhd to “Take Profit” with a target price of RM2.46 and said Integrax’s FY14 earnings of RM38 million came within forecasts.
In a note Tuesday, the research house said the expiry of the facility payment for the Jetty Terminal Usage Agreement 1 (JTUA1) could reduce FY15 revenue/earnings by 11.9%/10.1% respectively.
“As such, we downgrade our call to Take Profit, with a DCF-derived target price of RM2.46 (12% downside).
“We advise minority shareholders to take profit, as its share price is now above the offer price of RM2.75,” it said.