Business

Globetronics shares rebound after three-day losing streak

KUALA LUMPUR: Globetronics Technology Bhd ’s shares rebounded on Friday after three consecutive declining sessions.


The counter gained 10 sen, or 1.68% to RM6.07 in active trade. It is among the top gainers of the day.


On Wednesday, Maybank Investment Bank Research cut Globetronics to a “sell” and lowered its target price to RM5.80 from RM6.40 as the newly launched Apple smartphone does not feature the bundling of wireless earphones.


The research house described it as a disappointment it had previously expected the new high-end smartphone variant would be bundled with premium wireless earpiece.


It has slashed its profit estimates for Globetronics by 9%-13% for financial years 2017, 2018 and 2019.


Maybank also cut the volume estimates for gesture sensor by 33%-40% (to 84 million/120 million/ 144 million in FY17/18/19, from 126 million/180 million/240 million).