CIMB Research downgrades Pharmaniaga after share price surge

KUALA LUMPUR: CIMB Equities Research has downgraded Pharmaniaga to Reduce from Hold as its valuation is rich relative to its peers in the region.

The research house said on Wednesday Pharmaniaga’s share price has risen 60% in the year to date and 21% in the past one month despite the absence of any apparent re-rating catalyst. Its current valuation, allows very limited room for earnings disappointment.