Citi trims PT, earnings view on Australia's Pwr Holdings

PWR Holdings

26/11/2023 21:00

** Citi lowers PT on Australia's Pwr Holdings Ltd  PWH.AX 
to A$11.00 from A$11.75; cuts net profit after tax (NPAT)
forecasts by 3% during FY27 and beyond. 
    ** Cooling device maker said on Thursday it had withdrawn
from talks over the development of battery cold plates for a
high-volume electric vehicle programme due to commence
production in 2026.
    ** Citi says Pwr Holdings could use its battery cold plates
manufacturing capacity to focus on auto original equipment
manufacturing and repair work  
    ** Citi says the decision to withdraw could have been poor
as two years of work completed and was close to finalisation
    ** Citi maintains "buy"; remains positive on Pwr Holdings'
growth outlook in Emerging Technologies 
    ** Stock down 10.5% this year, as of last close

 (Reporting by Poonam Behura in Bengaluru; Editing by Alexander
Smith)
 ((Poonam.Behura@thomsonreuters.com;))