KUALA LUMPUR: UOB Kay Hian Malaysia Research has cuts is FBM KLCI earnings forecast by 3.4% due to the poor 2Q20 results season but raised its 2021 forecast by 5.5% to largely account for further upgrades of glove makers.
The research house said on Wednesday revised up its end-20 target to 1,600 to be more aligned to the bottom up target of 1,675 but it was mindful of an impending market consolidation.
“Strategy: Focus on selected export- or -external oriented plays, high yielders, economic reopening plays (on vaccine discovery), ” it said.
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