SINGAPORE (May 8): CGS-CIMB has downgraded its call on precision plastic manufacturer Sunningdale Tech from “add” to “hold”, at a revised target price of 91.7 cents. This is down 15.9% or 17.3 cents from its previous $1.09 call, analyst William Thng says in a May 6 note.

He adds that the move follows Sunningdale’s “below expectations” earnings for 1Q20 ended March 31. Excluding the impact of foreign exchange, retrenchment costs and other items, the group’s core net profit was down 86.3% y-o-y to $0.3 million.

At this level, Thng says the earnings are 1.8% below his “previously pared down earnings forecast”.

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