Slightly lacklustre 3Q does not mar Sarine’s sparkle

SINGAPORE (Nov 16): Maybank Kim Eng is retaining its “buy” recommendation on Sarine Technologies, the manufacturer and retailer of precision technologies for the processing of diamonds and gemstones, at a lower price target of $1.97 from $2.01 previously.

In Monday report, analyst Yeak Chee Keong notes that the company’s 3Q16 net profit of US$0.4 million ($0.57 million) came in at the low end of Maybank’s expectations – but nonetheless still represents a strong reversal from its US$1.4 million loss in 3Q15.

Yeak also highlights that the company broke record sales of Galaxy-related systems in the previous quarter, bringing its total installed base to 275 units.

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