Broker's take: DBS downgrades Citic Envirotech to 'hold' following earnings slump

DBS Equity Research has downgraded its recommendation on Citic Envirotech with a target price of S$0.34 after the environmental engineering services company posted a bottom-line slump for the second quarter and the first half of FY2019.

After market close on Wednesday, Citic Envirotech reported a 66 per cent drop in net profit to S$14.7 million for the quarter ended June from S$43.3 million a year ago. Second-quarter revenue shrank 30.3 per cent to S$202.8 million, mainly attributed to a 30 per cent decrease in the engineering business and a 44.7 per cent decrease in membrane system sales.

While the provider of environmental engineering services notched quarter-on-quarter improvements in the construction and membrane solution segments for Q2, Ms Yeung said that it is"uncertain if the improvement can be sustained".

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks to watch: HPH Trust, First Sponsor, AA Reit, CLT, Citic Envirotech, Sunpower, Libra GroupTHE following companies saw new developments that may affect trading of their shares on Thursday: Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Stocks to watch: HPH Trust, First Sponsor, AA Reit, CLT, Citic Envirotech, Sunpower, Libra GroupTHE following companies saw new developments that may affect trading of their shares on Thursday: Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »