SINGAPORE (Oct 2): Following a profit warning of impending 3Q operating losses, Maybank Kim Eng has downgraded the stock to ‘hold’ with a target price of $1.29.

Sarine Technologies, the diamond equipment maker, warned yesterday that the group would likely incur a US$1.5 million operating loss in 3Q, and sales would be subdued in 4Q.

“This would be worse than its 1Q EBIT of US$0.9 million, which we thought was the bottom,” says Maybank, “This came as a negative surprise as 2Q’s EPS had shown a 208% q-o-q recovery.”

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