Thursday, December 02, 2010

Quick Update on JCY's Earnings

Update to the posting Regarding JCY International

On 25th Nov 2010, CIMB 'warned' the potential glitch in earnings...

JCY reported its earnings on 30th Nov 2010.

It wasn't just weak it was horrific!

Yesterday, 1 Dec 2010, CIMB gave it a huge downgrade!

JCY's target price which was 1.88 on 25 Nov 2010 was lowered to just 0.92!!!!!!!!!

Holy cow!

Err.... well on one hand it's certainly GREAT to see CIMB Research realising the potential humongous shortfall in earnings from JCY and forewarned its readers on the 25th but....... the size of the downgrade is certainly difficult to swallow!!!

CIMB yesterday lowered its forecast for JCY's 2011 earnings to just 168.8 million

Lets compare and refer to the posting Regarding JCY International
  1. During IPO or April 2010: JCY earned some 207 million for its fy 2009. CIMB says times are good in 2010, so JCY should earn some 359 million! And 2011, JCY earnings will be even more super. JCY should earn some 441 million by then!
  2. 21 May 2010 - Target price lowered! fy 2010 earnings is now lowered to 297.3 million and fy 2011 earnings is now lowered to 370.8 million
  3. Monday, 23 Aug 2010 - CIMB to earn some 263 million for its fy 2010. And ....... for fy 2011, JCY is now projected to earn only 304.7 million


Incredible isn't it?

During IPO, April 2010, CIMB valued JCY target price of 2.68 based on 2011 earnings estimate of 441 million.

It's now only Dec 2010. CIMB has slashed JCY target price to just 0.92 based on 2011 earnings of just 168.8 million.


wong said...

Hi. can u please comment on KPSCB ? KPSCB 3Q EPS already 8.21sen, but share price now only 25sen. It is worth to buy now ??

Mun Wai said...

Dear Wong,

You ask Moolah to tell you whether worth buying or not, do you think "he" (I think Moolah is a male cow :*)will give you an outright Y / N ? Glee...

Moolah Fan