KUALA LUMPUR (Feb 28): Shares of JT International were the top loser on Tuesday as investors were disappointed the cigarette manufacturer and distributor did not declare any special dividends.
At 9.53am, JTI was down 24 sen to RM6.92. There were 51,800 shares done.
The FBM KLCI shed 0.66 of a point to 1,558.38. Turnover was 316.56 million shares done valued at RM209.70 million. There were 200 gainers, 240 losers and 241 stocks unchanged.
CIMB Equities Research said it was disappointed with the absence of a special dividend as JTI’s cash continued to build up, rising 37% on-quarter to RM260 million, close to the RM265 million to RM290 million level when it last paid a special dividend amounting to 103 sen
In its analysis, the research house said a jump in marketing cost and other operating costs stubbed out JTI’s ability to meet FY11 forecasts. It has a Neutral outlook on JTI with a target price of RM7.50.
At 9.53am, JTI was down 24 sen to RM6.92. There were 51,800 shares done.
The FBM KLCI shed 0.66 of a point to 1,558.38. Turnover was 316.56 million shares done valued at RM209.70 million. There were 200 gainers, 240 losers and 241 stocks unchanged.
CIMB Equities Research said it was disappointed with the absence of a special dividend as JTI’s cash continued to build up, rising 37% on-quarter to RM260 million, close to the RM265 million to RM290 million level when it last paid a special dividend amounting to 103 sen
In its analysis, the research house said a jump in marketing cost and other operating costs stubbed out JTI’s ability to meet FY11 forecasts. It has a Neutral outlook on JTI with a target price of RM7.50.
