Singapore-listed China Fishery Group and Pacific Andes Resources Development, both subsidiaries of Hong Kong-listed Pacific Andes Holdings, were downgraded by analysts after disappointing fourth-quarter results.
DMG & Partners downgraded China Fishery to "neutral" from "'buy" and cut its target price to SGD 0.65 (€0.41/$0.53) from SGD 1.00 (€0.63/$0.82), citing poor fourth-quarter results due to poor performance in its fleet operations.
The management has also cautioned that its Peru fishmeal business, which remained stable in the fourth quarter, would be affected after its total allowable catch was lowered by 70 percent, said DMG analyst Joshua Low.
“There's
