SGX Singapore Stocks & Forex Live Picks

Singapore Stock Recommendation - Olam "Neutral"

Your Advisor
Publish date: Fri, 07 Dec 2012, 05:17 PM
Your Advisor
0 10,452
Blog for SGX Singapore Stock & Forex Recommendations gives you Live Stock Picks, we provide all SGX Stock Picks, Singapore Share Prices, Forex Trading Recommendation along with STI Quotes. Get Live SGX Singapore Picks.
Following Message
Macquarie downgraded Olam International Ltd to 'neutral' from 'outperform' and cut its target price to S$1.60 from S$2.40, saying some of the Singapore commodities firm's projects are taking longer-than-expected to come through.
Olam shares were up 1.4 percent at S$1.47 on Friday. But the stock has fallen more than 15 percent since short-seller Muddy Waters launched a scathing attack on the company's accounting, debt and investment projects on Nov. 19.
"While we disagree with Muddy Waters' assertion that Olam stands on the brink of insolvency, we do take their point that some of Olam's new upstream and midstream projects have lagged expectations. In fact, as a group, the new projects had already missed our expectations in 2012 fiscal year," Macquarie said.
Muddy Waters discovered that Olam's greenfield Nigerian sugar mill has been postponed indefinitely, Macquarie said, adding that this has been confirmed by Olam. A key urea project in Gabon also remains uncertain, Macquarie said.
Macquarie said its earnings estimates are 20-25 percent below consensus for 2013-2014 fiscal years.
Olam Intl (O32)
Related Stocks
Market Buzz
More articles on SGX Singapore Stocks & Forex Live Picks
Bursa Malaysia Stock Market May Come Under Pressure

Created by Your Advisor | Sep 23, 2017

Is another financial crisis just around the corner?

Created by Your Advisor | Sep 16, 2017

Rules for investing

Created by Your Advisor | Sep 06, 2017

Overview on PENTAMASTER CORPORATION LTD

Created by Your Advisor | Jul 06, 2017

Gold Is At Sweet Spot For Continued Buying On Dips

Created by Your Advisor | May 31, 2017

There's No Recession, but a Market Correction Could Cause One

Created by Your Advisor | May 10, 2017

TECH TARGETS: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD - UOB

Created by Your Advisor | Mar 23, 2017

M Asia Trade Tech Targets: EUR/USD, AUD/USD, NZD/USD, USD/JPY - UOB

Created by Your Advisor | Mar 22, 2017

SEA market ready to rate hike ahead of Fed meeting

Created by Your Advisor | Mar 07, 2017

SGX & KLCI TRADING CALLs for Today

Created by Your Advisor | Feb 22, 2017

Discussions
Be the first to like this. Showing 0 of 0 comments
Post a Comment