KUALA LUMPUR: Affin Hwang Capital research has downgraded Pecca Group Bhd to a sell call given its demanding valuations and a likely earnings contraction in FY20-22E.
"We cut our FY20-21E EPS by 9%-10% after incorporating lower EBITDA margin assumptions of 17%-18%, below the 5-year average EBITDA margin levels of 19%," it said.
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