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UOBKH downgrades Nanofilm to 'hold' as 9MFY2022 results come in below expectations

Lim Hui Jie
Lim Hui Jie11/8/2022 11:15 AM GMT+08  • 3 min read
UOBKH downgrades Nanofilm to 'hold' as 9MFY2022 results come in below expectations
Despite the downgrade, Cheong does see some drivers for Nanofilm. Photo: Albert Chua/The Edge Singapore
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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).

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