PhillipCapital’s head of research Paul Chew has downgraded APAC Realty to “neutral” from “accumulate” on “weaker-than-expected” 1H20 results.

The lower recommendation comes despite the group, which runs the property agency ERA, reporting higher profit after tax and minority interests (PATMI) of $7.7 million, which represents a 52% growth from earnings in 1H19.

See also: APAC Realty reports 52% jump in earnings for 1HFY20, and Weak outlook ahead keeps APAC Realty at 'hold': DBS

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook