By Ying Xian WongMalakoff Corp. shares fell early Monday after the Malaysian water and power product posted a first-quarter lossThe company's shares plunged as much as 11% to 0.61 ringgit, on track for its biggest one-day loss in three years. Malakoff said late Friday that it swung to net loss of MYR99.1 million ($21.5 million) for the first quarter, compared with net profit of MYR27.5 million a year ago, mainly due to "substantial negative fuel margin" at its power plants. However, with coal prices having stabilized in recent months, Kenanga analyst Teh Kian Yeong expects Malakoff's future fuel margin losses may ease. Kenanga cut Malakoff's target price to MYR0.80 from MYR0.95, but kept its outperform rating on the stock. Write to Ying Xian Wong at yingxian.wong@wsj.com

Source: Wall Street Journal May 29, 2023 02:05 UTC