They write: “Accordingly, we reduce our FY2023 and FY2024 revenue estimates by 14% and 15% respectively. We also cut our earnings forecast for FY2023 and FY2024 by 89% and 16% respectively, on weaker-than-expected 9MFY2023 results for FY2023 and a top-line reduction in FY2024.”
DBS Group Research is keeping its "fully valued” call on Sarine Technologies (SGX:U77
) at a reduced target price of 25 cents against 30 cents previously, as economic uncertainties continue to cloud the diamond industry’s outlook.
Following the company’s 3QFY2023 results ended Sept 30, analysts Sachin Mittal and Amanda Tan lowered their target price, which is now pegged to 21x FY2024 earnings. This is below the historical mean due to the continued softness in diamond markets.
