UOB KAYHIAN |
DBS VICKERS |
Alpha Picks: Positive Start To The Year
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Not out of the woods yet
Downgrade to HOLD; TP reduced to S$0.06, after pegging a lower target multiple of 0.3x on FY19F book value (vs 0.8x previously), given potential asset impairments and slower-thanexpected ramp up in utilisation and revenue. While it is darkest before dawn and the stock’s valuation has been greatly discounted for the slow recovery, clearer signs of a turnaround are required to re-rate the stock. Downgrade to HOLD.
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Check out our compilation of Target Prices