KUALA LUMPUR: Independent power producer Malakoff Corporation Bhd has been upgraded from Hold to Add by CGS-CIMB Equities Research on expectations its earnings profile could improve after the acquisition of Alam Flora.
The research house said on Tuesday it met Malakoff’s management recently and gathered that the group’s FY20-21F earnings profile could improve due to acquisition of Alam Flora.
CGS-CIMB Research upgraded Malakoff from Hold to Add with a revised sum-of-parts based TP of 96 sen given the better earnings outlook and attractive dividend yield.
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