CGS-CIMB Research analysts William Tng and Caleb Pang have lowered their target price for Innotek to 47.8 cents from 57.9 cents previously due to a weak 1H20 for the company, but still maintained its “add” rating for the stock. 

On August 13, the mainboard-listed metal precision part maker posted 10.8% lower revenue y-o-y to $79.7 million, while gross profit dipped 14.3% y-o-y to $17.1 million.

Earnings for 1H20 plunged 51.7% y-o-y lower to $3.7 million due to higher interest expenses and fair value losses on investments.

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