JT Intl Off 0.8%; MIDF Rules Out Special Dividend

 JT International (2615.KU) is down 0.8% at MYR6.35 in low volume amid the broad market's decline; the stock hit an intraday low of MYR6.30 briefly after the starting bell but has since rebounded, suggesting that could be the support level for the day.
Monday, the company reported a 13% on-year rise in 3Q net profit to MYR39.8 million compared with MYR35.1 million a year earlier; revenue rose 6% to MYR334.9 million from MYR315.9 million during the same three months last year.
Nine-month net profit came in within expectation, says MIDF Research, accounting for 82.2% of consensus estimate.
The house flags JT's decline in net cash level which rules out a special dividend payout in 2011. It keeps the stock at Neutral but lifts its target to MYR6.00 from MYR5.50 based on discounted cash flow valuations with a lower weighted average cost Of capital