Thursday, May 18, 2006

Stock Downgraded:Shanghai Turbo with rating of sell by SIAS Research!

Shanghai Turbo Enterprises Ltd may fall after SIAS Research lowered its rating on the stock to "sell" after the China-based manufacturer of steam turbine generator components reported weak first-quarter results. In a client note, SIAS said it slashed its 2006 earnings per share forecast for Shanghai Turbo to 2.26 cents, which is around half of its 2005 EPS of 4.36 cents. "Signs of improvement will only be clear after the second quarter. Taking these new developments into consideration, we have lowered our target price to 0.23 sgd," SIAS said. Shanghai Turbo rose 0.005 sgd to close at 0.305 yesterday

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