CIMB has downgraded Boral from Neutral to Underperform, highlighting that the building products and Asian plasterboard businesses may not be worth as much as...

CIMB has downgraded Boral from Neutral to Underperform, highlighting that the building products and Asian plasterboard businesses may not be worth as much as expected. Asset writedowns are expected to continue, with the building products division generating a return of only 2.5%, below adequate levels of returns. CIMB also sees downside risk to the FY14 profit and has a price target below current market prices.