from Business Times
The downgrades included Pelikan International Corp Bhd (underperform, TP: 71 sen, by CIMB), Fraser and Neave Bhd (sell, TP: RM14, by MIDF Research), KLCC Property Bhd (hold, TP: RM3.46, by Hong Leong Research), Petronas Gas Bhd (neutral, TP: RM17, by OSK Research). In terms of corporate earnings, OSK Research and MIDF Research said there were more companies that reported worse-than-expected results. OSK Research revealed that 32 per cent of companies under its radar underperformed and only 17 per cent beat expectations. MIDF Research, meanwhile, said 18 per cent of companies under its watch beat expectations and 28 per cent, underperformed. "Out of the 93 companies that we currently track, 31 per cent fell short of expectations during the recently-concluded reporting season, slightly more than the 30 per cent that had failed to deliver in November. "More importantly, the percen-tage of companies that outdid expectations jumped from 10 per cent to 18 per cent," Wong highlighted.