MTQ Corp cut to 'neutral', target slashed 45% to 79 cents by RHB

Stock Name: MTQ
Company Name: MTQ CORPORATION LIMITED

Research House: RHB

Price Call: HOLD

Target Price: 0.79

SINGAPORE (May 14): RHB Securities Singapore has downgraded MTQ Corp to "neutral" from "buy" and slashed its price target to 79 cents from $1.43, citing a lack of catalysts in the near term.

The revised target is based on 11 times projected FY2016 earnings. RHB cut its FY2016 earnings estimates by 37.5% as clients have been deferring maintenance work.

"Earnings will likely stay low in the next two quarters, although long-term investors will find value in its high cash flow and yield," RHB analyst Jesalyn Wong wrote in a note today.

MTQ Corp price target cut 19% to 77 cents by CIMB

Stock Name: MTQ
Company Name: MTQ CORPORATION LIMITED

Research House: CIMB

Price Call: HOLD

Target Price: 0.77

SINGAPORE (May 13): CIMB has cut its price target for MTQ Corp from 95 cents to 77 cents, pegged at parity to the company's net tangible assets per share, and lowered its earnings per share estimates by 36% for FY2016 and 48% for FY2017.

The company's core earnings of $9 million for the 12 months ended March 31 (FY2015) were below expectations, and a turnaround is unlikely until the end of this year, according to CIMB analyst Yeo Zhi Bin.

MTQ Corp cut to "hold", targeted slashed to 95 cents by CIMB

Stock Name: MTQ
Company Name: MTQ CORPORATION LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 1.55

SINGAPORE (Feb 3): CIMB has downgraded MTQ Corp to "hold" from "add" and slashed its price target from $1.55 to 95 cents, which imply 5.7 times projected FY2016 earnings and 1.1 times FY2015 book value.

It has also lowered its FY2015 to FY2017 earnings per share estimates by 24% to 32% to factor in expected weaker profit margins.

The changes came after MTQ, which makes and repairs oilfield equipment, said its December-quarter (FY3Q2015) earnings tumbled 78% y-o-y and 72% q-o-q to $1.4 million on weaker performances at its Singapore and Australia operations.

MTQ Corp price target cut 19% to $1.43 by OSK DMG

Stock Name: MTQ
Company Name: MTQ CORPORATION LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 1.43

SINGAPORE (Feb 2): DMG OSK has cut its price target for MTQ Corp from $1.77 to $1.43, based on seven times enterprise value to ebitda, after lowering its earnings estimates by 34% for FY2015 and by 36% for FY2016.

The company, which makes and repairs oilfield equipment, said last Friday that earnings for the quarter ended Dec 31 fell 66% y-o-y to $2.2 million on weakness in its Singapore and Australia operations.

Revenue was flat at $74.8 million while operating expenses and staff costs went up.

MTQ Corp's target price slashed to $1.77 by OSK DMG

Stock Name: MTQ
Company Name: MTQ CORPORATION LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 1.74

SINGAPORE (Oct 31): OSK DMG has trimmed MTQ Corporation Ltd's target price to $1.77 on the back of lower utilisation in the Singapore facility and slow starts in the Binder Group.

In a note today, OSK DMG analyst Lee Yue Jer said the lower utilisation in the Singapore facility and slow starts in the Binder Group marred an otherwise spotless quarter, prompting it to lower FY15/16F earnings by 22/18% with lower target price of $1.74 (from $2.16), implying a 35.1% upside.

MTQ Corp started at "add", $1.56 target by CIMB

Stock Name: MTQ
Company Name: MTQ CORPORATION LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 1.56

SINGAPORE (Oct 28): CIMB has started coverage on MTQ Corp with an "add" rating and a $1.56 price target, pegged at seven times projected FY2016 earnings and 1.5 times FY2015 book value.

The family-run company, which repairs, makes and rents oilfield equipment and tools, generates steady cash flows and profits and has found its "sweet spot" among multinational corporations in a "very fragmented and competitive equipment supplier landscape", according to CIMB analyst Yeo Zhi Bin.