KUALA LUMPUR: Shares of TANJUNG OFFSHORE BHD [] slipped in afternoon trade on Wednesday, April 27 as Maybank Investment Bank Research kept a Sell on the stocks and target price of RM1.07.
At 3pm, it was down three sen to RM1.36. There were 11,170 shares transacted at prices ranging from RM1.36 to RM1.39.
Maybank IB Research said it expected Tanjung Offshore's 1Q 2011 earnings to likely miss street expectations again.
'Cost management strategies and operating prospects remain the key concerns. An equity cash-call could ensue should the cash situation worsen.
'Tanjung Offshore will also suffer an RM8 million penalty cost for early bonds redemption. Valuations are expensive and consensus forecasts are aggressive. Nonetheless, Ekuinas' next move remains a wild card,' it said.
At 3pm, it was down three sen to RM1.36. There were 11,170 shares transacted at prices ranging from RM1.36 to RM1.39.
Maybank IB Research said it expected Tanjung Offshore's 1Q 2011 earnings to likely miss street expectations again.
'Cost management strategies and operating prospects remain the key concerns. An equity cash-call could ensue should the cash situation worsen.
'Tanjung Offshore will also suffer an RM8 million penalty cost for early bonds redemption. Valuations are expensive and consensus forecasts are aggressive. Nonetheless, Ekuinas' next move remains a wild card,' it said.
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