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Kenanga downgrades HSL following recent price rally


KUALA LUMPUR: Kenanga research has downgraded Hock Seng Lee Bhd (HSL) to underperform as it believes the recent rally in share price was mainly sentiment-driven given that major infrastructure project tenders are still in the early stages.

"Amidst intensifying competition, we prefer to wait for more concrete developments and hence, believe our downgrade is fair," it said in a research note on Tuesday.

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