Shares of UMW Oil & Gas Corp Bhd sank to a new low on earnings worries amid a bleak outlook for its core jack-up rigs business.
The stock fell 2 sen, or 2.2%, to close at 88.5 sen yesterday. It had tumbled 55% over the past one year.
“We maintain our ‘reduce’ rating as the outlook for jack-up rigs is weak. Our core earnings per share profit forecasts are at odds with consensus losses, and are under review,” CIMB Equities Research said in a note yesterday.
UMW Oil & Gas swung to a net loss of RM65.08mil in the first quarter to March 31, 2016, from earnings of RM32.15mil in the same quarter of last year.
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The stock fell 2 sen, or 2.2%, to close at 88.5 sen yesterday. It had tumbled 55% over the past one year.
“We maintain our ‘reduce’ rating as the outlook for jack-up rigs is weak. Our core earnings per share profit forecasts are at odds with consensus losses, and are under review,” CIMB Equities Research said in a note yesterday.
UMW Oil & Gas swung to a net loss of RM65.08mil in the first quarter to March 31, 2016, from earnings of RM32.15mil in the same quarter of last year.
For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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