Servcorp

The market has been unperturbed by Servcorp’s pseudo profit warning at last week’s AGM, which we wrote about on 22 Nov 12 (Long Term Buy – $3.25). The share price has risen 5% from $3.25 since, taking it to $3.42, well beyond the Long Term Buy range in our price guide, so it’s time to downgrade to Hold. Given management’s long track record of candid commentary, we’re happy to take the AGM comments at face value: trading has been tougher than expected but, while it’s always hard to predict profits in this business, management’s best guess is that in...

The market has been unperturbed by Servcorp’s pseudo profit warning at last week’s AGM, which we wrote about on 22 Nov 12 (Long Term Buy – $3.25). The share price has risen 5% from $3.25 since, taking it to $3.42, well beyond the Long Term Buy range in our price guide, so it’s time to downgrade to Hold.

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