Australia's APM Human Services hits record low on Jefferies downgrade after weak forecast

APM Human Services International

17/01/2024 23:48

** Shares of Australia's APM Human Services  APM.AX  fall as
much as 39.6% to a record low of A$0.8
    ** Analysts at Jefferies downgrade rating to "hold" from
"buy", lower PT to A$1.32 from A$2.10 
    ** Brokerage lowers FY24-26 EBITDA estimates by 26% and
underlying net profit after tax attributable (NPATA) estimates
by 39%
    ** APM Human Services said on Wednesday it expected 1H24
underlying NPATA of A$55 mln ($36.00 mln), a 36% drop from the
same period last year
    ** Management appears to have lost investor confidence,
which will take time to regain - Jefferies
    ** APM stock top loser on ASX All Ordinaries index  .AORD 
    ** Stock fell about 50% in 2023

($1 = 1.5277 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))