0558 GMT - Aztech Global's earnings outlook is likely to be muted in near term, Maybank Research's Jarick Seet says in a research report. Its 3Q revenue missed Maybank's estimate mainly due to a decline in orders received from its key U.S. customer, and the Singapore company expects 4Q to be slower than 3Q, the analyst notes. The brokerage understands that demand has weakened for the U.S. customer which has led to lower orders for themanufacturer of Internet of Things devices and other products. Aztech Global's orders will probably stay low, given its order book of only S$142 million as of Oct. 1. Maybank cuts the stock's rating to hold from buy and its target price to S$0.78 from S$1.14. Shares are 2.7% lower at S$0.73. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
November 04, 2024 00:58 ET (05:58 GMT)
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