CGS-CIMB Research’s William Tng has maintained his “add” call on Fu Yu Corp and raised his target price to 35.5 cents, up from his previous figure of 28.8 cents. 

Tng said that the company’s FY2020 revenue, which came in 15.9% lower y-o-y at $81.9 million was “in line” with his expectations, and that the 24.7% growth in profits to $9.5 million was 9% above his forecasts.

The better-than-expected net profit performance was due to a leaner cost structure achieved with the restructuring of its China operations. 

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