PhillipCapital analyst Paul Chew has downgraded his recommendation on PropNex to “accumulate” from “buy” following its recent share-price rally, which has “priced in most of the positives” on the counter.

Chew’s downgrade in an Aug 16 report, comes four days after UOB Kay Hian’s downgrade to “hold” on the back of PropNex’s better-than-expected performance.

Despite the downgrade, Chew has raised his target price estimate to $2.08 from $1.36 previously as he ups his FY2021 PATMI estimate by 53% to $63.5 million.

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