Stock Name: Rotary
Company Name: ROTARY ENGINEERING LIMITED
Research House: CIMB
Company Name: ROTARY ENGINEERING LIMITED
Research House: CIMB
CIMB downgrades Rotary Engineering (R07.SG) to Neutral from Outperform, cuts target price to $0.95 from $1.17 after lowering FY11-FY12 earnings estimates by 14%-23%, says Dow Jones.
CIMB says plant builder hasn't secured any major order in FY10.
Cuts annual order-win forecast for FY11-FY12 to between $300 million, $500 million.
Says current valuations rich at 9x FY11 P/E, but notes industry fundamentals still positive with opportunities in Singapore, Middle East plentiful.
Shares last off 0.5% at $0.935.
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