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CGS-CIMB lowers ISDN Holdings' TP to 70 cents to reflect China's Covid-19 lockdown

Felicia Tan
Felicia Tan6/15/2022 01:09 PM GMT+08  • 2 min read
CGS-CIMB lowers ISDN Holdings' TP to 70 cents to reflect China's Covid-19 lockdown
Teo Cher Koon, ISDN's managing director and president. Photo: Samuel Isaac Chua/The Edge Singapore
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CGS-CIMB Research analyst William Tng has maintained his “add” call on ISDN Holdings even after the company’s revenue and net profit for the 1QFY2022 ended March both stood 10% below his expectations.

On June 10, ISDN reported revenue of $94.7 million for the quarter, down 3.8% y-o-y. The quarter’s earnings, however, increased by 5.8% y-o-y to $6.4 million.

The revenue miss was attributable to the Covid-19 lockdown measures in China. This was offset by better revenue in the other markets ISDN operates in.

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