to S$70 million overnight, as a deflating taxi business took a toll on earnings.
As at 4.17pm, the counter was down 3.4 per cent, or eight Singapore cents to S$2.30. Some 19.2 million shares changed hands, making it one of the most heavily traded counters on the Singapore bourse for the day. DBS Group Research has maintained its"hold" rating on the stock with a lower target price of S$2.48 from S$2.59 previously, citing that the group's Q3 profit was"underwhelming", with higher operating expenses and taxes, along with a contraction in taxi revenues arising from a smaller fleet size.
Said DBS analyst Andy Sim:"We trimmed FY19F-20F earnings by 7 per cent each year, and now expect outlook to remain subdued with 3 per cent/1 per cent earnings growth in FY20F/21F."Similarly, CGS-CIMB has downgraded its recommendation on the counter from"add" to"hold", with a lower TP of S$2.28 from S$2.78, after taking into account a weaker earnings growth outlook.
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