SLP's core net profit for the quarter fell 26% year-on-year to RM4.1mil, which was only 17% of market full-year estimates but 27% of Affin Hwang's full-year forecast.
Revenue for the quarter dropped 21% due to weaker export sales to Japan, Europe and Australia.
The group declared a first interim dividend of one sen for the quarter.
Affin Hwang said it remains cautious of SLP's near-term prospects against the soft global economy amid the Covid-19 outbreak.
"We make no changes to our earnings estimates but raise our target price to RM0.45 (RM0.40 previously) after rolling over the valuation base year to 2021E EPS but on an unchanged PE multiple of 8x," it said.
SLP last traded at 88 sen a share on Wednesday, which gives the stock a 48.9% downside.