PhillipCapital analyst Terence Chua has downgraded Koufu to “neutral” from “accumulate” with a lower target price of 64 cents from 68 cents previously, following the group’s operational update on the impact of Singapore’s move to phase two (heightened alert) measures.  

The new target price is still based on 18.5 times FY2021, which is around the average of its peers, says Chua in a May 24 report.

To Chua, the downgrade comes as the group faces a “speed bump” on its road to recovery.

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