KUALA LUMPUR: CIMB Equities Research is dropping its coverage on Cocoaland as there is little institutional interest in the stock and recommended investors to switch to Daibochi Plastics.
The research house said on Monday Cocoaland's valuation was not cheap at 13.3 times FY13 price-to-earnings (P/E), on par with its target market P/E while its last rating on the stock was an Underperform.
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