SINGAPORE (May 12): Maybank Kim Eng is downgrading Super Group to “hold” from “buy” with a lower target price of 99 cents, after the instant coffee-maker posted “disappointing” topline growth results in 1Q.

“1Q was more misses than hits where it mattered – the topline,” says Maybank analyst Gregory Yap in a Thursday report.

Weaker sales and higher expenses brought Super Group’s 1Q earnings down 15% to $11.6 million.

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