CGS-CIMB Research is keeping its “add” recommendation on Koufu with a higher target price of 94 cents, compared to 86 cents previously.

In a Dec 14 report, analyst Cezzane See says, “While we are positive on Koufu’s longer-term prospects, we think that we were previously too aggressive about FY2020 net margins and the pace of recovery in FY2021-2022. Hence we lower our PBT margins and cut our FY2020/2021/2022 forecasts by 32.1%/18.4%/4.1%.”

This report marks See taking over the coverage on this stock from analysts Ngoh Yi Sin and Caleb Pang previously.

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