Sarin Tech downgraded to "sell" by DBS Vickers!

DBS Vickers said it has downgraded its rating on Israeli-based diamond processing equipment Sarin Technologies Ltd, to "fully-valued" from a "buy" after the company warned that its second quarter earnings slid year-on-year due to a slowdown in demand. The brokerage also cut its one-year price target for Sarin to 0.94 sgd per share from 1.24 sgd previously. "We expect the slowing trend to continue into the third quarter, with consumer demand still looking soft," DBS said. DBS said it has cut its 2006 net profit estimate for Sarin by 21 pct to 11.10 mln usd, with the 2007 estimate reduced by 27 pct to 13.20 mln usd. At 9.13 am, Sarin was down 0.03 sgd or 4.14 pct at 0.695 with 423,000 shares traded.