OSK Research Sdn Bhd has maintained its "neutral" call on Ahmad Zaki Resources Bhd (AZRB) following the company's lower
nine-months financial year 2011 earnings of RM9.1 million.
In a research note today, OSK Research said AZRB's lower earnings was way below its expectations.
"The disappointment was mainly due to the low margin jobs being recognised for the three quarter financial year 2011 and a higher effective tax rate," it said.
Nevertheless, OSK Research noted that AZRB has a strong order book to help drive revenue in financial year 2012.
The research firm remain cautious on AZRB's execution and hence, its "neutral" rating. -- Bernama
nine-months financial year 2011 earnings of RM9.1 million.
In a research note today, OSK Research said AZRB's lower earnings was way below its expectations.
"The disappointment was mainly due to the low margin jobs being recognised for the three quarter financial year 2011 and a higher effective tax rate," it said.
Nevertheless, OSK Research noted that AZRB has a strong order book to help drive revenue in financial year 2012.
The research firm remain cautious on AZRB's execution and hence, its "neutral" rating. -- Bernama
