Wednesday, August 17, 2011
Mewah: Counter is down -3.0% going against the trend of the broader mkt after dismal 2Q net profit. Co faced a decline in margins attributed to poor margins and losses in West Africa. A slew of downgrades with heavy cuts to TP also continued to weigh down on counter after results. CS downgraded to Underperform from Outperform slashing TP from $1.19 to $0.59. JP Morgan lowers rating from Overweight to Neutral, TP from $1.30 to $0.60. Nomura downgrades from Buy to Reduce cutting TP from $1.16 to $0.50.