Australia's GUD Holdings soars on improved outlook; Macquarie cuts PT on APG woes

Amotiv

14/05/2024 03:49

(Updates)
    ** Shares of auto accessories maker GUD Holdings  GUD.AX 
 RIC  rise as much as 11.7% to A$10.91, their biggest intraday
jump since mid-August 2023
    ** GUD touches its highest level since April 12
    ** Co on Monday said its FY24 EBITA forecast was in line
with expectations of A$193.5 mln ($127.8 mln), above A$191.1 mln
reported in FY23
    ** Macquarie says co's forecast in line with brokerage's
estimates
    ** Co, however, says unit AutoPacific Group (APG) to deliver
about A$63 mln in FY24 underlying EBITA, lower than an earlier
forecast
    ** Macquarie cuts PT by 1.6% to A$12.65, primarily due to
APG's forecast revision; cuts FY24 and FY25 EPS estimates by
1.6% and 2.3%, respectively
    ** GUD down 18.6% this year, as of last close


($1 = 1.5147 Australian dollars)

 (Reporting by John Biju and Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))