08 Nov '12, 3am

Hot Stocks STOCKS NEWS SINGAPORE-OCBC downgrades Breadtalk to sell

OCBC Investment Research downgraded Breadtalk Group Ltd to 'sell' from 'hold' and cut its target price to S$0.49 from S$0.51, as it expects higher labour costs and rental rates to hurt the bakery and food firm's earnings. Breadtalk shares were down 1.67 percent at S$0.59 by 0340 GMT. They have gained 10.2 percent since the start of the year, compared to the FTSE ST Consumer Services Index's 0.1 percent. Breadtalk posted a 6 percent rise in its third-quarter net profit at S$3.9 million from a year ago, despite a 21.5 percent rise in revenue at S$116.7 million. OCBC lowered its 2013 operating and net profit estimates for Breadtalk to S$17.6 million and S$10.3 million respectively, as regulatory changes for labour have resulted in difficulties in hiring service staff and have had a bigger-than-expected impact. Breadtalk's gross profit margin fell to its lowest of 52.3 percent...

Full article: http://www.reuters.com/article/2012/11/08/markets-singapo...

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