KUALA LUMPUR (Nov 16): OSK Research has discontinued coverage of Jobstreet due to the lack of share price catalysts and its in-house resource reallocation, including a review of the current market dynamics.
It said on Wednesday that Jobstreet’s 9MFY11 core earnings stood at RM36.2 million, coming in within its and consensus estimates at 74.3% and 76.4% of the full-year forecasts respectively.
“3QFY11 net profit came in at RM11.6 million, up 19.8% y-o-y on improved employers sentiment but was down 13.4% q-o-q on seasonal weakness,” it said.
OSK Research said a third interim DPS of 1.8 sen was declared, bringing the YTD payout to 4.8 sen.
“Given the lack of share price catalysts and our in-house resource reallocation, including a review of the current market dynamics, we are discontinuing coverage on the stock. Our call is now changed to NON-RATED, while our previous Fair Value was RM2.10,” it said.
It said on Wednesday that Jobstreet’s 9MFY11 core earnings stood at RM36.2 million, coming in within its and consensus estimates at 74.3% and 76.4% of the full-year forecasts respectively.
“3QFY11 net profit came in at RM11.6 million, up 19.8% y-o-y on improved employers sentiment but was down 13.4% q-o-q on seasonal weakness,” it said.
OSK Research said a third interim DPS of 1.8 sen was declared, bringing the YTD payout to 4.8 sen.
“Given the lack of share price catalysts and our in-house resource reallocation, including a review of the current market dynamics, we are discontinuing coverage on the stock. Our call is now changed to NON-RATED, while our previous Fair Value was RM2.10,” it said.
