The research outfit said it was maintaining its “neutral” call on the sector primarily due to the prolonged inventory rationalisation cycle.
“Furthermore, the pace of China’s recovery has fallen short of consensus expectations, leading to the need for further downward revisions in earnings forecasts.” The research house said it also liked Kelington for its strong foothold in multiple markets, namely, Malaysia, Singapore and China. Kenanga Research also said it liked LGMS for its new proprietary certification software, which is expected to be the next earnings driver.
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