SINGAPORE (Nov 16): DBS is maintaining its “hold” call on Super Group and lowering its target price to 85 cents from $1.05 previously as its 3Q results came below expectations and the regional macro outlook remains challenging.

Super reported a significantly weaker-than-expected set of 3Q results. Its earnings of $7.4 million were well below DBS’s forecast.

Key contributors of the drag were the weaker ringgit, zero A&P in Thailand and Philippines for Branded Consumer segment and Indonesia Food Ingredient sales (weak economy and currency).

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