Singapore Stock Market News
Vard Holdings Ltd - Thorny Brazilian
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Publish date: Mon, 01 Jul 2013, 09:56 AM
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| Vard Holdings - Dismay Profit Guidance | Trading SELL |
Things in Brazil have been thornier than expected. Vard has guided
that its 2Q13 performance will be poorer than what consensus is
expecting.
Factoring in lower margins, we cut
our FY13-15 EPS by 19-36%. We
downgrade Vard to Trading Sell from
Outperform as we expect the market
to focus on Brazilian issues and the
stock to come under heavy near-term
selling pressure. Hence, we lower our
target price, now based on 9x CY13
P/E (previously 9x CY14 P/E), 1 s.d.
above its trading mean since listing).
Our target implies 1.9x CY13 P/BV, 1
s.d. below its trading mean since
listing, which could form a floor for
the stock, in our view.
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