It said on Wednesday the lower target price was based on 23 times CY16 price-to-earnings, which is a 10% premium over Hartalega
due to the cut in the earnings per share (EPS).
“We advise investors to stay on the sidelines. The share price has appreciated by 58% since our upgrade on Aug 11, 2014 and we believe that this has already factored in Karex’s strong earnings growth,” it said.
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