Glomac reported its earnings yesterday.
Just came across this research report..
Here is the earning comparisons.
It wasn't pretty. On a q-q basis, net earnings dropped some 74.9%.
But despite earning just 4.2 million, this research report still insists that Glomac will earn some 49.7 million for its Fy 2007 or some 45.5 million for the remaining 3 quarters!
Isn't this being too optimistic?
So this research report admits that Glomac earnings is below their full year forecast by some 67.9% and they said it loud and clear that it was a weak quarter.
So they issue a Neutral call.
Down so much still Neutral?
And here comes this....
See their NEUTRAL call?
But do you see that their TARGET is at a whopping 1.51????
Isn't that irony?
Here's their reasoning:
By the way, don't you get confused by the misleading news articles which focus on irrelevant issues such as sale revenue of XBZ stock up by YYY%???
Here is the link to one such article: Glomac revenue up 13% to RM52.8m (Sounds good from the title, eh)
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