Can't believe this stock was worth 80cts before..
DJ MARKET TALK: DBS Vickers Downgrades Jiutian To Fully Valued
0344 GMT [Dow Jones] STOCK CALL: DBS Vickers downgrades Jiutian Chemical (C8R.SG) to Fully Valued from Hold to reflect lackluster market for DMF, chemical solvent used for producing polyuthrene. Move follows China-based DMF maker's profit-warning Wednesday. Company expects to incur loss of not more than CNY4 million in 3Q08 due to high cost of methanol, feedstock used for making DMF. "The operating environment remains tough in 4Q08. We do not expect the second DMF plant to contribute to revenue and a similar loss in 4Q08 for the group is highly likely," says DBSV. Cuts target price to S$0.03 from S$0.15, based on 4X FY09 P/E vs 9X previously, after lowering earnings forecast by 56%. Stock flat at S$0.04. (FKH)