We have downgraded our earnings forecasts following the AGM based on guidance that project delays in Asia and the US are likely to impact profitability in the 1H. After recently factoring in a currency downgrade we have further trimmed our FY10 normalised NPAT forecast by 11.3%. And while we can identify potential upside catalysts in the form of aquisitions, we believe downside risks are likely to weigh in the short term. Our price target is 12.8% lower at $0.75/sh and therefore we are downgrading our recommendation to HOLD.
NMS Price at posting:
27.6¢ Sentiment: LT Buy Disclosure: Held
