KUALA LUMPUR (Nov 17): CGS-CIMB Securities had downgraded Aemulus Holdings Bhd to “hold” at 40.5 sen with a lower target price (TP) of 42 sen and said the company’s FY2022 core net profit came in 7% above house full-year forecast due to better-than-expected sales mix and margin delivery in the fourth quarter of FY2022 (4QF2022).

In a note on Thursday (Nov 17), the research house said it sees challenging prospects for Aemulus in FY2023 in view of weaker mobile and tablet demand amidst healthy auto and CIS order backlog.

“We cut our FY2023-2024 forecast EPS (earnings per share) by 30-43%.

“Downgrade to 'hold' with a lower 42 sen TP, based on 13 times P/E, 2 s.d. below the Malaysian ATE five-year mean,” it said.