KUALA LUMPUR (Sept 22): Shares of Felda Global Ventures Holdings Bhd fell 1.32% in early trade today after AffinHwang Capital Research downgraded the stock to a “Sell” with a target price of RM1.32.

At 9.14am, FGV fell 2 sen to RM1.50 with 2.33 million shares done.

In a note today, AffinHwang said it expects the impending completion of Rajawali transactions to revive related issues which triggered heavy selling.

The research house said the strong US dollar and equity market weakness have further raised the implied premium to BWPT’s market price, EV per planted ha, net gearing and EPS dilution.

“We maintain our forecasts and target price, but downgrade FGV to Sell on valuations,” it said.