KUALA LUMPUR (June 30): AffinHwang Capital Bhd has downgraded Hiap Teck Ventures Bhd to “Sell” at 42 sen and cut its target price to 38 sen (from 50 sen) and said Hiap Teck reported a small profit for the 9MFY7/15.

In a note today, the research house said the reported profit was  below house and market estimates primarily due to huge losses from its associates.

“We have lowered our FY15 and FY16 earnings forecast to reflect the larger-than-expected losses.

“Our target price has also been lowered to RM0.38. Downgrade to Sell,” it said.