Allgreen

Citi downgraded Allgreen to Sell after cutting FY10 earnings by 21% following weak sales at Cascadia (sold only 30 units out of 140 launched) at Bt Timah & anticipated delays in project launches of RV REsidences, Riverbay & Riveria 38. The group also has an increased exposure in China with projects in Chengdu (25% stake), Tangshan, Shenyang, Tianjin & Qinghuangdao. TP lowered to $0.93 at 50% discount to RNAV. Stock breached triple bottom support at $1.08.