Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Phillip cuts Hu An Cable target price

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STOCKS NEWS SINGAPORE-Phillip cuts Hu An Cable target price Sep 11th 2012, 02:20 Mon Sep 10, 2012 10:20pm EDT Phillip Securities cut its target price for Hu An Cable Holdings Ltd to S$0.190 from S$0.275 and kept its 'buy' rating, citing smaller expected revenue and lower copper prices. Shares of Hu An were unchanged at S$0.134. They have gained 18.6 percent since the start of the year, compared with the FT ST Industrials Index's 16.6 percent rise. Hu An had said its net profit for the first half of the year fell 37.8 percent from a year ago to 38.7 million yuan. The company underperformed most of its peers in terms of revenue growth and net profit margin, Phillip said in a report. The brokerage cut its forecast revenue for the second half of the year and first quarter of 2013 by 25 percent, due to lower-than-expected volumes for its cable and wire business in the second quarter. 1007 (0207 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com)

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