CIMB Research has upgraded its call on Pharmaniaga Bhd to “Hold” from “Reduce” previously, as its valuation is more reasonable and attractive now.
This follows the 17% decline in Pharmaniaga’s share price since the end of last month. “Its decent dividend yield of 5.5% should lend support to its share price,” said the research house on Tuesday.
In May, CIMB Research downgraded Pharmaniaga to “Reduce” as its valuation was rich relative to its peers and had very little room for earnings disappointment.
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This follows the 17% decline in Pharmaniaga’s share price since the end of last month. “Its decent dividend yield of 5.5% should lend support to its share price,” said the research house on Tuesday.
In May, CIMB Research downgraded Pharmaniaga to “Reduce” as its valuation was rich relative to its peers and had very little room for earnings disappointment.
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