SMS Management and Technology (SMX)
Morningstar has retained its “accumulate” and fair value estimate of $6 per share on SMS Management and Technology despite reducing its forecasts.
Morningstar has retained its “accumulate" and fair value estimate of $6 per share on SMS Management and Technology despite reducing its forecasts due to continued weak demand for outsourced IT services.
The research house already lowered its forecasts in October after the first quarter trading update indicated a deteriorating earnings outlook, with guidance for first half 2013 NPAT of $12.5 million - $14 million, down from $15.2 million in the first half 2012. Much of the decline was due to reduced demand for Cathay Pacific and Telstra.
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