MTQ

MTQ: At 6% of our full-year forecast, 3QFY3/15 core net profit of S$1.4m (-78% yoy) was 78% below CIMB's expectation and 76% below consensus. 9M formed 49% of its FY15 estimate. All business units, aside from the Bahrain facility, fared poorly. CIMB cut FY15-17 EPS by 24-32% on lower margin expectations. With near-term weakness set to persist, house lower its blended P/E and P/BV-based TP and downgraded the stock to Hold from Add.