Glomac

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)