KUALA LUMPUR (Apr 17): Shares of Sasbadi Holdings Bhd fell in late morning trade today after the stock was downgraded to “Hold” by AllianceDBS Research.

At 10.51am, Sasbadi fell 3.35% or 7 sen to RM2.02 with 179,700 shares done.

In a note today, AllianceDBS vice president for equity Cheah King Yong downgraded the stock and said there was limited upside to his target price.

“The stock has performed remarkably well, with its share price rising 41% year-to-date versus the FBM KLCI’s return of only 4.9%.

“Following the sharp rally, the stock has almost reached our DCF-derived TP of RM2.25.

“We continue to like Sasbadi given its solid fundamentals and hands-on management, but downgrade the stock to Hold because of limited upside to our target price,” he said.