KUALA LUMPUR (March 16) : MIDF Amanah Investment Bank Bhd is keeping its Neutral call on KINSTEEL BHD [] with an unchanged target price of 51 sen.
In a note on Friday, MIDF said it is maintaining its FY12 earnings forecasts for Kinsteel as the steel products manufacturer has yet to finalise details on how it will streamline its downstream operations.
“We are positive on the effort to streamline its downstream business. Although this move will impact its top line negatively, but would be marginally positive on the bottom line,” MIDF said.
Kinsteel shares closed 0.5 sen higher at 49.5 sen on Thursday.
In a note on Friday, MIDF said it is maintaining its FY12 earnings forecasts for Kinsteel as the steel products manufacturer has yet to finalise details on how it will streamline its downstream operations.
“We are positive on the effort to streamline its downstream business. Although this move will impact its top line negatively, but would be marginally positive on the bottom line,” MIDF said.
Kinsteel shares closed 0.5 sen higher at 49.5 sen on Thursday.
