Stock Name: Sakari
Company Name: SAKARI RESOURCES LIMITED
CIMB Research has cut its rating for Sakari to underperform from neutral but kept its target price at $2.47.
Company Name: SAKARI RESOURCES LIMITED
| Research House: CIMB | Price Call: SELL | Target Price: 2.46 |
Shares of Singapore-listed coal miner Sakari Resources (SAKR.SI) fell as much as 4.7% on Thursday to a one-month low after a brokerage downgraded the firm, saying weakening economic prospects would hurt demand for commodities.
At 10:51 a.m., shares of Sakari Resources were traded at $2.46 with over 2.4 million shares changing hands.
At 10:51 a.m., shares of Sakari Resources were traded at $2.46 with over 2.4 million shares changing hands.
CIMB Research has cut its rating for Sakari to underperform from neutral but kept its target price at $2.47.
The brokerage noted that coal prices may have peaked, and while Sakari’s valuations are not high compared to its peers, macroeconomic headwinds may drag down its valuations.
“Straits Asia’s stock price has outperformed its Indonesian peers by 10% in the past month, prompting us to turn cautious,” said CIMB in a report.
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