Stock downgrade TPV ( "hold" DBS Vickers)

TPV downgraded to 'hold' – DBS DBS Equity Research said its has downgraded its rating on TPV Technology to "hold" from "buy" after the LCD maker posted full year 2005 results that were in-line with expectations. Yesterday, TPV said its 2005 net profit rose to 149.58 mln usd from 103. 59 mln the year before. DBS said it is maintaining its 2006 net profit growth estimate of 42 pct for TPV as it expects LCD monitor shipments to grow more than 50 pct this year. "Key risks to our estimate are a steeper than expected fall in LCD panel prices and a sharp slowdown in global economic growth which could retard sales of monitors and flat TVs," DBS said. TPV closed yesterday unchanged at 1.78 sgd.