KUALA LUMPUR (June 15): CIMB IB Research has downgraded Bison Consolidated Bhd at RM2.33 with a higher target price of RM2.28 (from RM2.07) and said Bison’s 1HFY10/17 core net profit came in line with house and the market’s expectations, making up 51% and 53% of full-year forecasts, respectively.

In a note June 14, the research house said Bison’s 2Q17 revenue and profit growth were boosted by new store openings and a better sales product mix (higher fresh food sales) which offset the higher operating cost.

“We lift our end-2017 target price to RM2.28 as we attach a higher P/E target multiple to reflect the current regional peer average.

“Downgrade to Hold as we think the group’s growth prospects have been priced in,” it said.