SINGAPORE (Mar 1): RHB is downgrading its recommendation on Jadason Enterprises to “neutral” from “buy” previously with a target price of 8 cents.
This came on the back of the group yesterday announcing that its FY17 earnings were up by 54% to $2.82 million from $1.83 million in FY16.
Revenue was 10% higher y-o-y at $63.1 million, but cost of sales increased 16% y-o-y to $51.1 million, bringing gross profit to $12.0 million, 7% lower than $12.9 million a year ago.
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