Company Name: TEE INTERNATIONAL LIMITED
| Research House: OCBC | Price Call: HOLD | Target Price: 0.28 |
OCBC Investment Research downgraded Singapore engineering and property firm TEE International to hold from buy and cut its target price to $0.28 from $0.36.
TEE shares were down 4.2% at $0.23, having fallen around 2% so far this year.
A chunk of TEE’s 2012 fiscal year revenue was brought forward to the fourth quarter of 2011, hurting the company’s financial performance year-to-date, OCBC said. It said TEE was unlikely to meet consensus revenue estimates for 2012.
Last week, TEE said its independent and non-executive chairman, Bertie Cheng Shao Shiong, and its group chief executive and managing director, Phua Chian Kin, were being investigated by Singapore’s Commercial Affairs Department on “possible contravention of market rigging provisions”.
“Although TEE reassured investors that its business operations are not affected by the CAD investigations, the investigations will likely cause some downward pressure to TEE’s share price in the near term,” OCBC said.
No comments:
Post a Comment