Bumpy ride ahead for Triyards

SINGAPORE (July 12): KGI Fraser Securities has maintained its “buy” call for Triyards Holdings, while revising downwards its target price from 55 cents to 52 cents.

This comes as Triyards announced 3Q16 results that KGI describes as “below expectations”.

Net income registered a decline of 24% y-o-y despite a 28% increase in revenue in the same period. The lower-than-expected net profit resulted from lower gross margins from its strategy of diversifying into new products and markets, says KGI analyst Joel Ng.

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