PETALING JAYA: CIMB Equities Research has cut Supermax Corp’s financial year (FY) 2018-2019 (forecast) estimates by 10.8% to 14.3% to account for a higher tax rate and higher operating expenses, especially in the contact lens segment.
The research firm said its “hold” call remains but its target price was lowered to RM1.74, still based on 12 times calendar year 18 price-to-earnings (P/E) five-year historical mean. The previous target price was RM2.
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