Sarine Technologies price target cut 5.7% to $2.98 by Maybank Kim Eng

Stock Name: Sarine Tech
Company Name: SARINE TECHNOLOGIES LTD

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 2.98

SINGAPORE (March 6): Maybank Kim Eng has cut its price target for Sarine Technologies to $2.98 from $3.16 after lowering its 2014 to 2016 earnings per share estimates by 3% to 8% to factor in slower sales stemming from a credit shortage in the diamond industry.

KBC Group, the Belgium-based holding company of Antwerp Diamond Bank (ADB), wound up its loan portfolio and ADB's business after failing to sell the latter to China's Yinren Group.