Forestry Play Midway Felled After “Particularly Disappointing” Downgrade
Shares in forestry company Midway plunged 21% yesterday to an all-time low of $1.81 after it issued a sharp earnings downgrade at its annual general meeting.
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Midway Limited
Midway is Australia’s largest high-quality woodfibre processor and exporter.
To become the leading supplier of woodfibre to the Asian markets by offering consistently high quality woodfibre from sustainably managed forests.
By achieving Midway mission we will generate superior returns to our shareholders by maximising dividends while growing the enterprise value of our business.
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MWY – Morgans rates the stock as Hold
First-half results were in line with forecasts, albeit weak. A material reduction in earnings reflected a significant fall in wood fibre export shipments because of the excess production of paper pulp in Brazil and US tariffs on Chinese paper imports.
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