Analysts from DBS and CGS-CIMB have upgraded their calls on Fu Yu Corp from “hold” to “buy” and “add” respectively after the company surpassed expectations by recording a 9MFY2020 core net profit of $12.3 million. 

RHB Group Research analyst Jarick Seet has maintained his “buy” recommendation, and raised his target price on the counter to 30 cents from 28 cents previously.

CGS-CIMB’s William Tng has also raised his target price to 28.8 cents from 24 cents as Fu Yu’s 9MFY2020 net profit came in above expectations, at 95% of his FY2020 forecasts.

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