Stock Name: SMRT
Company Name: SMRT CORPORATION LTD
Phillip Securities Research in an Oct 31 research report says: "Quarterly revenue for SMRT showed improvement on all divisions, except for its engineering business that recorded lower sales due to termination of the Palm Jumeirah project in August 2010.
"Profitability of the group continued to be impacted from the startup expenses associated with CCL stages 4 & 5 opening and higher energy prices. Profits of the quarter declined 26% as compared to the same period last year and missed our estimates. SMRT maintained its interim dividend payout of 1.75 cents that will be paid on Nov 30.
"Target price of $1.68 and expect a total downside of 7% after factoring its dividend payout. We lowered our earnings estimates for FY2012E by 6% and revised our asset buyback estimates for the company. DOWNGRADE TO SELL."
Company Name: SMRT CORPORATION LTD
| Research House: Phillip Securities | Price Call: SELL | Target Price: 1.68 |
Phillip Securities Research in an Oct 31 research report says: "Quarterly revenue for SMRT showed improvement on all divisions, except for its engineering business that recorded lower sales due to termination of the Palm Jumeirah project in August 2010.
"Profitability of the group continued to be impacted from the startup expenses associated with CCL stages 4 & 5 opening and higher energy prices. Profits of the quarter declined 26% as compared to the same period last year and missed our estimates. SMRT maintained its interim dividend payout of 1.75 cents that will be paid on Nov 30.
"Target price of $1.68 and expect a total downside of 7% after factoring its dividend payout. We lowered our earnings estimates for FY2012E by 6% and revised our asset buyback estimates for the company. DOWNGRADE TO SELL."
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