Rising cost pressures affecting Kobay’s prospects

HLIB Research cut its target price for Kobay to RM2.38 a share from RM4 previously.

PETALING JAYA: Weaker prospects for Kobay Technology Bhd’s manufacturing and pharmaceutical businesses have led Hong Leong Investment Bank (HLIB) Research to downgrade it to a “hold” following lower earnings revisions for its coming financial years.

The research house also cut its target price for Kobay to RM2.38 a share from RM4 previously.