DMG & Partners Securities cut its price target on mushroom grower Yamada Green Resources Ltd to S$0.30 from S$0.32 and maintained its buy rating.
Yamada shares have risen around 8 percent so far this year.
Yamada's third-quarter net profit of 82 million yuan ($13 million), below DMG's projected 97 million yuan, was due to wet weather that affected mushroom yield, as well as higher costs of production.
DMG reduced its earnings estimates by 11 percent for Yamada's 2012 fiscal year to 162 million yuan and by 12 percent for 2013 to 176 million yuan.
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1119 (0319 GMT)
(Reporting by Eveline Danubrata in Singapore; firstname.lastname@example.org)