AmProp Downgraded to Hold by Affin Hwang on London Project Delay — Brexit Market Talk

0245 GMT [Dow Jones] Affin Hwang Capital downgrades Amcorp Properties (1007.KU) to a hold rating from buy, and lowers its target price to 0.89 ringgit from MYR1.54, on the completion delay of its residential project in London. “With (over) 90% of group earnings derived from London, future sales and thus earnings will remain at risk with the onset of Brexit, apart from property completion risk,” says Affin. It also lowers its fiscal 2017 dividend per share estimate to MYR0.052 from MYR 0.071. AmProp’s project, consisting of apartments at Campden Hill in the upscale Kensington neighborhood, will now be ready in 2017 instead of late 2016. Shares of AmProp are flat at MYR0.86. (celine.fernandez[a]

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