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OSK Research downgrades Censof
Holdings (5195.KU) to Sell from Buy with a lower target of MYR0.29, based on 9X
FY13 P/E, vs MYR0.57 previously after the company's 1H earnings result missed
market estimates; the house notes that Censof's net profit in 1H at MYR3.2
million accounts for only 15%-16% of consensus full-year estimates due to higher
operating costs to support increased activities, rising depreciation, and
amortization charges.
"We foresee a stronger 2H for the company, but doubt if it
can make up for the current shortfall," says OSK, in cutting Censof's earnings
forecast by 47%-48% for FY12-FY13 on the back of its weak financial results. The
stock is currently up 0.4% at MYR0.38.
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