Affin Hwang Capital Research has maintained its “sell” rating on test equipment manufacturer Aemulus Holdings Bhd and trimmed target price to 20 sen.
“Although returning to the black in second quarter financial year ending Sept 30, 2016 (FY16), Aemulus’ disappointing run continued with its third successive quarterly earnings.
“Poor product sales and high fixed administrative expenses dragged down earnings and full year earnings per share decline year-on-year is now likely. We cut our target price to 20 sen on lower earnings forecasts. Without any clear catalyst in sight for the stock, maintain sell,” Affin said.
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“Although returning to the black in second quarter financial year ending Sept 30, 2016 (FY16), Aemulus’ disappointing run continued with its third successive quarterly earnings.
“Poor product sales and high fixed administrative expenses dragged down earnings and full year earnings per share decline year-on-year is now likely. We cut our target price to 20 sen on lower earnings forecasts. Without any clear catalyst in sight for the stock, maintain sell,” Affin said.
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