Company Name: AUSGROUP LIMITED
Research House: CIMB
CIMB downgrades Ausgroup (5GJ.SG) to Underperform from Neutral, cuts target to $0.47 vs $0.61 on 4Q loss guidance vs profit expected earlier after expected impairment charge for Singapore subsidiary Cactus Engineering, says Dow Jones.
CIMB also cuts FY10 reported profit forecast to A$8.4 million ($10.4 million) vs A$10.5 million, but excluding one-off loss maintains FY10, FY12 EPS estimates at $0.026, $0.067, respectively.
“At this juncture, we believe that Ausgroup will only secure significant order wins from the mega LNG projects from FY2012, despite its purer exposure to the Australian LNG sector,” says CIMB.
Sees “de-rating catalysts” from continued margin pressure, lower-than-expected order book replenishment. Stock last down 3.9% at $0.490.
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