KUALA LUMPUR: Kenanga research has downgraded Pharmaniaga Bhd from market perform to underperform after slashing its FY20 net profit forecast by 32% on an expected 18% contraction in revenue.
The research house reduced the group's target price to RM1.60 from RM2.21 previously based on an unchanged 11x FY20E EPS (-1.5SD below 5-year historical forward mean).
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