Singapore Stock Market News
Tat Hong - Negatives priced in
StockFanatic
Publish date: Tue, 01 Sep 2015, 03:02 PM
StockFanatic
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We upgrade our stance from negative to neutral as we believe P/BV valuations of -2SD may have priced in earnings weakness, which is at a 7-year low since GFC. We are however not positive on the stock as 1Q16 earnings disappointed and revealed continued weaknesses in Australia and the Crane Rental segment. Our 0.5x P/BV valuation for the stock represents -2SD of its 7-year historical mean which we believe is conservative. We prefer to base our TP on book value given the earnings uncertainty.
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