Synlait Milk's Australia shares hit record low, Bell Potter cuts PT

Synlait Milk

13/02/2024 04:20

** Synlait Milk's Australia-listed shares  SM1.AX  fall as
much as 2.2% to hit a record low of A$0.66
    ** Co's New Zealand shares  SML.NZ  down as much as 5.5% to
NZ$0.69    
    ** Analysts at Bell Potter cut PT to A$0.75 from A$0.95 for
dairy milk producer's Australia-listed shares; maintain "hold"
rating
    ** Analysts lower net profit after tax (NPAT) forecasts for
FY24, FY25 and FY26 by more than 100%, 80% and 81%, respectively
    ** New Zealand-based Synlait Milk said on Monday it sees a
HY net loss after tax in the range of NZ$17 mln to NZ$21 mln
($10.36 mln-$12.80 mln)
    ** Co set to report half-yearly earnings on March 25
    ** Stock down 23.7% this year, as of last close

($1 = 1.6404 New Zealand dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))