PhillipCapital’s head of research Paul Chew has downgraded his recommendation on Micro-Mechanics Holdings to “neutral” from “accumulate” on stretched valuations.

Chew has, however, upped his target price on the counter to $3.35 from $2.93, as he increases FY2021 ex-cash price-to-earnings (P/E) from 18 times to 21 times, in line with its peers.

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