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ZUE Slumps to 10-Month Low After BRE Cuts Estimate: Warsaw Mover

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Nov. 21 (Bloomberg) -- ZUE SA, a Polish rail construction company, slumped to the lowest in more than 10 months after BRE Bank SA cut its share price-estimate on grounds of rising costs.

The stock dropped 8.6 percent to 5.5 zloty, the lowest since Jan. 10, by the close in Warsaw. The number of shares traded was more than 3 1/2 times the stock’s 30-day average, data compiled by Bloomberg show.

BRE reduced the price target to 6.2 zloty per share from 7 zloty per share, while maintaining a hold recommendation. ZUE’s net income fell to 4.5 million zloty ($1.39 million) in the first nine months of 2012 from 11.2 million zloty a year earlier, the Krakow, Poland-based company said in a filing on Nov. 12.

ZUE’s “margins in the third quarter disappointed,” Maciej Stoklosa, a Warsaw-based analyst at BRE, said in a note today. Contracts secured in 2009 and 2010 are “negatively affected” by rising costs, Stoklosa said.

To contact the reporter on this story: Piotr Bujnicki in Warsaw at

To contact the editor responsible for this story: Gavin Serkin at

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