CGS-CIMB analyst Ong Khang Chuen has upgraded his recommendation on Silverlake Axis to “add” from “hold” as he believes the worst is over for the company.

Ong has also increased his target price to 39 cents from 26 cents previously, which represents a 27.9% upside to the counter.

Silverlake Axis posted 4Q20 core net profit of RM22 million ($7.2 million), representing a 61% drop y-o-y, while its FY20 net profit fell 32% y-o-y to RM143 million on August 26.

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