SINGAPORE (Feb 6): CIMB is upgrading its call on Sarine Technologies to “add” from “hold” previously, with a lowered target price of $1.56.
In a Monday report, analyst Colin Tan says, “We think a lower rough/polished diamond price spread will restore manufacturers’ profitability, eventually leading to better revenue for Sarine as the bulk of its business is still heavily dependent on mid-stream manufacturing activities.”
According to media reports in India, the reason polished prices jumped 3-4% over the last two weeks of Jan 2018 was due to robust demand from domestic and international jewellery manufacturers.
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