KUALA LUMPUR (Nov 13): Affin Hwang Capital Research has upgraded Kim Hin Industry Bhd to “Hold” at RM1.06 with an unchanged target price (TP) of RM1.06 and said it had gathered that Kim Hin has secured 2 new customers from the US following the trade diversion arising from the current US-China trade war.

In a note today, the research house said this is expected to support Kim Hin’s earnings in 2020.

“However, we believe earnings prospect remains challenging on the back of the prolonged weak domestic property market and high cost of production.

“We maintain our TP of RM1.06 based on 2020E price/book of 0.35x, but upgrade our call to HOLD from Sell,” it said.