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"Therefore, we cut our earnings forecasts for FY23-24 by 14-17 per cent," it said.
The research house has reiterated a Hold call on Power Root with a higher target price of RM1.40 as it rolls over to the calendar year 2023 forecasts.
"We believe that solid dividend yields will support valuations, strong balance sheet (net cash of RM94.0 million as at the end of Q2 FY22) and strong instant coffee market share in the domestic and Middle East markets," it added.
Power Root ME FZCO, a subsidiary of Power Root Berhad, has increased its shareholding in its subsidiary, PRME Food Manufacturing L.L.C, from 49% to 100% on 19 October 2021. There was no financial impact arising from the increase in the shareholding to become a wholly owned subsidiary company.