On May 7th 2010, OSK Research Head, Chris Eng said Stock market heading for better times
- ... economy will be back in business in 2011, and the stock market will be better than what it is now, said OSK Investment research head Chris Eng.
“With the listing of Petronas’ (Petroliam Nasional Bhd) units in the second half of the year, there will be a spillover into the oil and gas play.
“The Sarawak state election should also provide some excitement. Things should go back to normal by year-end,” Eng said during the launch of OSK’s Top Malaysian Small Cap Book: 50 Jewels.
Eng added that most of his clients were now trading in the market, although clients who had global headquarters were still cautious. According to him, the next few months will be choppy with a mixture of positive and negative headlines, but all these are temporary factors.
Eng has a year-end FBMKLCI target of 1,465 for 2010, and a fair value target of 1,580 for 2011....
Now it's ONLY May 24th 2010, in the Edge Financial Daily, Volatile landscape for FBM KLCI, Eng was quoted to have said the following:
- ...OSK Research head of research Chris Eng said while the current market weakness raised concerns, it was largely within the research house’s expectation.
Eng foresees a volatile landscape for the FBM KLCI, which is expected to trade at between 1,250 and 1,400 within the next five months.
“We are still hopeful of a stronger year-end once the sovereign debt crisis in Europe subsides,” Eng said in a research note.
This article appeared in The Edge Financial Daily, May 24, 2010.
You can also read this: OSK Research still hopeful of a stronger year-end
Tada... the FBM KLCI target is NOW only expected to trade between 1250 and 1400!
May 7th 2010, the stock market is headed for better times, a target of 1465 was expected. Today the target is now only 1250 and 1400!!!!
Good or what???
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4 comments:
Yup, all these analysts have a phrase for their always-changing forecasts:
"I call it the way I see it".
So, it is okay for them to change their minds willy-nilly.
But if the shoe's no the other foot, they get all hot and flustered and start to call you names like "unreliable", "random", "stupid", etc.
*sheesh* Can never win with these people la.
These analysts are so young and inexperienced that a CEO of a packaging company says that he inflated earnings guidance by 30%and the analysts believed him. H thinks that he can string them along even with low top line growth. He calls them green suckers. Ha ha.
Fair play to them, these market strategists should always revise their predictions based on the latest economic developments or market tone as frequent as possible. Sometimes they get it right, sometimes they get it wrong, but most of the time, even the best get it wrong. An intelligent trader or investor need not pay too much attention to these strategic reports. In the long run, no strategists can be right all the time > 70%. Some investment houses that publish reports like these have their very own agenda. Maybe they are long the futures or something else. Who knows.
JP: Of course, I do understand your message and I do agree that market strategist should be flexible at times.
However... there is one issue here... from a target of 1465 to a target of between 1250 and 1400 is two massively different target.
Won't you say so?
In stock market terms, such changes would equate to a downgrade.
Yes?
Now in the last link I included, titled 'OSK Research still hopeful of a stronger year-end' or http://www.theedgemalaysia.com/in-the-financial-daily/166646-osk-research-still-hopeful-of-a-stronger-year-end.html, I did not see this head of research maket telling the reporter he had made such a huge change in his rating.
Why?
Yeah, like you said, perhaps they have their own agenda. :/
Less I forget, his extremely bullish target of 1465 on May 7th was made during the launch of OSK's Top Malaysian Small Cap Book: 50 Jewels. Hmm.. sorry like they would say... go figure. :D
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