Japan's Daicel tumbles after brokerage cuts rating
23/03/2018 05:41
** Chemical products maker Daicel Corp 4202.T tumbles 9.4
pct to 1,106 yen, lowest since November 2016
** SMBC Nikko Securities cuts rating to "underperform" from
"neutral" and slashes price target to 1,180 yen from 1,440 yen
** Broker says dollar-based pricing for acetate tow for
cigarette filters and demand to replace Takata's faulty airbag
inflators waning
** As of 0534 GMT, about 3.32 mln shares of Osaka-fu-based
company had been traded, about 186.2 pct of their 30-day moving
average of 1.78 mln shares a day
** Of the 10 analysts covering Daicel Corp, the current
average rating is "buy"; the breakdown of recommendations is 4
"strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell".
The analyst mean price target is 1,478.89 yen
** The forward price-to-earnings ratio for Daicel for the
next 12 months is 10.66, about 4.63 pct lower than it was at the
end of last year (11.18)
((Reuters
Messaging:ayai.tomisawa.thomsonreuters.com@reuters.net))