KUALA LUMPUR (Jan 17): Affin Hwang Capital Research has downgraded Gabungan AQRS Bhd (AQRS) to “Hold” at RM2.02 with a lower target price of RM2.14 (from RM2.16) given the limited upside.

In a note today, the research house said the share price reached an all-time high of RM2.16 on Jan 8 January 2018.

“Bernard Lim, CFO of AQRS who played an instrumental role in its listing in 2012, has left the company to pursue his other business interests.

“Ow Yin Yee, the Financial Controller, was promoted as CFO to replace him.

“The delay in negotiations with Tera Capital to jointly develop One Jesselton leads us to cut our EPS forecasts by 6-13% over FY17E-19E,” it said.