CGS-CIMB Research analyst William Tng has upgraded ISDN to “add” from “hold” as the firm’s core industrial automation business continues to do well.

ISDN’s FY2020 earnings of $15.1 million came in above the brokerage’s expectations at 104% of full-year forecasts. Though FY2020 net profit was negatively impacted by impairment and unrealised foreign exchange losses, core net profit would have been in line with CGS-CIMB’s estimates sans impairment charges.

SEE:ISDN Holdings reports more than double earnings for 2H20 and FY20; proposes dividend of 0.8 cents

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