CIMB has cut its target price for Malaysian Bulk Carriers Bhd (Maybulk) (5077) to RM1.74 from RM2.05 previously.
The shipping firm's annualised nine-month core net profit came in 26 per cent below estimate, noted CIMB.
In keeping its "underperform" call on the stock, CIMB also cut its dividend forecasts for Maybulk to 40 sen per share from 50 sen tax exempt for the financial year 2008 and to 7 sen for the financial years 2009 and 2010.
This means the vessel operator cease to be rated as a high-yielding stock.
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