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CGS-CIMB lowers target price on Aztech, but remains positive on its prospects

Lim Hui Jie
Lim Hui Jie1/24/2022 01:12 PM GMT+08  • 3 min read
CGS-CIMB lowers target price on Aztech, but remains positive on its prospects
CGS-CIMB has lowered its target price on Aztech, but still maintains that its prospects remain positive.
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CGS-CIMB analyst William Tng has maintained his “add” call on Aztech Global, as he deems the group to be “on track for growth” in FY2022. That said, he has lowered his target price on the stock to $1.59 from $1.74.

He explains that although forecasts are unchanged, valuations of tech-related manufacturing stocks have de-rated due to concerns of rising interest rates, resulting in the lower target price.

In a Jan 19 report, Tng thinks that the company’s net profit could have increased in 4QFY2021, as it did not experience any adverse impact from Covid-19, labour shortages and flooding incidents in its factories in China and Malaysia,

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