UOB Kay Hian analyst John Cheong has downgraded Nanofilm Technologies International from a “buy” to a “hold” and slashed his target price by over 30% from $2.72 to $1.79.
The analyst explains that this was on the back of the company’s 9MFY2022 ended September results.
In its business update for 9MFY2022, Nanofilm says its revenue was up 10% y-o-y, led by growth in its advanced materials business unit (AMBU) and nanofabrication business unit (NFBU). This was offset by a decline suffered by its industrial equipment business unit (IEBU).
