SINGAPORE (Feb 28): CGS-CIMB is downgrading its recommendation on Memtech International to “hold” from “add” with a slightly lowered target price of $1.08 from $1.10 previously.
The group yesterday announced that its FY18 earnings have declined by 32% y-o-y to US$9.6 million ($12.9 million), despite a 13.2% increase in revenue to US$19.2 million.
See: Memtech reports 32% decline in FY18 earnings to US$9.6 mil
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