Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 19): RHB Research has downgraded TAS Offshore Bhd to Neutral with a lower target price of 81 sen (fromn RM1.42) and said TAS’ 1HFY15 (May) revenue surged 62% year-on-year to reach 45% of house full-year target, but its core net profit declined 21% due to lower margins.

“Downgrade to Neutral with a lower 81 sen target price (8.7% upside) from RM1.42, pegged to an 8x FY16F P/E.

“With no material contract announcement for the past 10 months and in view of declining oil prices, we lower our FY15-17 net profit forecasts by 21-39%,” it said.

 

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