Quick take: Boustead falls 2% after losses widen

  • Stock on the Move
  • Monday, 22 Jun 2020

KUALA LUMPUR: Shares in Boustead Holdings Bhd fell over 2% in early trade Monday as its net loss widened to RM73.1mil in the first quarter ended March 31.

The conglomerate shed 2.27%, or 1.5 sen to 64.5 sen with 1.5 million shares traded.

Boustead posted a net loss of RM73.1mil for the first quarter ended March 31, from a net loss of RM22.4mil a year ago.

Boustead said its revenue dropped to RM2.26bil from RM2.5bil previously.

Kenanga Research said 1QFY20 core net loss came in at RM73.1mil, in line with its expectation.

“We are keeping our FY20 forecasts unchanged on expected volatile quarters ahead, with the group swinging back and forth between profitability and losses, judging by the past quarterly trend,” it said.

However, Kenanga said its target price was lowered from 80 sen to 66 sen in line with the house’s lower target price for Affin Holdings and Pharmaniaga. It has maintained market perform on Boustead.

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