SHARES--BUY AND SELL (BLOG 1)--股市ＳＨＡＲＥ, ＳＨＡＲＥ ,ＳＨＡＲＥ
Thursday, July 26, 2018
PANTECH AFFECTED BY TRADE WAR
KUALA LUMPUR: Shares in
Pantech Group Holdings Bhd
tumbled 9% in early trade Friday after the company warned that it could see a 20% reduction in revenue due to trade war.
Pantech fell 5.5 sen, or 9.09% to 55 sen with over 3.7 million shares traded.
The group warned that it could see a 20% reduction in revenue for the remaining months of the current financial year ending Feb 28, 2019 (FY19) no thanks to the US trade war against China.
Its quarterly revenue grew 17.7% to RM178.39mil from RM151.5mil.
Kenanga Research said while Pantech’s 1Q19 core net profit of RM14.1mil came in within estimates, it is downgrading Pantech to market perform with lower target price of 61 sen from 75 sen previously.
It noted that Pantech has been subjected to an unwarranted 183% anti-dumping tax for its US exports on carbon welded butt fittings in which all its US shipments are currently being suspended
Read more at https://www.thestar.com.my/business/business-news/2018/07/27/pantech-shares-tumble-after-revenue-warning/#aOHBplT0PjqJyo74.99
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