S&P Ups Symphony To Hold, Keeps 37 Sen Target

S&P Equity Research ups Symphony House to Hold from Sell, keeps 37 sen target after recent share price decline; but cuts 2007 net profit forecast 50.5% to MYR6.6 million, cuts 2008 by 39.7% to factor in sale of 3 units in I.T. services, corporate advisory. "The disposal can reduce earnings volatility in the future, and allow the company to focus on the more profitable BPO (business process outsourcing) businesses," S&P says; expects company to have recurring earnings CAGR estimated at 19% for 2007-2010, vs 28% decline for 2004-2007. "Given a dividend yield of 3.7% and an improving earnings prospect, we believe further downside in the stock is limited," S&P says. Stock down 1.3% at 39 sen in active trade midday.