One day say worth RM 5.30.
Now say worth RM 4.30.
Ai yo yo, I am one of the victim. Cry also no tear.
MISC top decliner, falls 4% on possible downgrade
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Thursday, 25 April 2013 15:12
KUALA LUMPUR (April 25): Top decliner MISC BHD [] fell as much as 4.4% in afternoon trade after analysts said they may cut target prices (TP) for shares in the shipping firm.
This is in anticipation that investors will continue to sell the stock in the next two weeks following a failed takeover offer by Petroliam Nasional Bhd (Petronas).
At 2.59pm, MISC was traded at RM4.33 with some eight million shares done after falling as much as 20 sen to RM4.32 earlier. The stock was also the 10th most-active entity across the bourse.
CIMB Investment Bank Bhd analyst Raymond Yap said the research firm may cut its TP for MISC from the current RM5.30 to RM4.32 which was the fair value for the shipping firm prior to the proposed takeover.
In a note, Yap said CIMB believes that many event-driven and short-term funds had recently taken positions in MISC to capitalise on the exercise.
Which fund is doing this???? If they sell now, they make a huge loss or they still earn????
He said CIMB does not expect these shareholders to hold on to their shares in MISC as Petronas will not be able to make another offer for one year.
"As the GO (general offer) has failed, we will likely reduce our current TP of RM5.30 back to about RM4.32.
"However, investors should look for a possible aggressive selloff that exposes deep value," Yap said.