Affin Investment Bank downgraded Malaysian betting firm Berjaya Sports Toto to ‘add’ from ‘buy’ to reflect recent gains in the company’s share price.
The bank said in a research note on Monday that the firm’s shares had risen just over 7 percent since mid-June, taking them closer to Affin’s target price of 4.95 ringgit per share.
Berjaya Sports Toto is slated for a listing on Singapore’s stock exchange in January 2013.
“In the longer run, the Singapore listing could help provide better financial fundingand capital management flexibility,” Affin added.
At 1001 (0201 GMT) Berjaya Sports Toto shares were unchanged at 4.43 ringgit per share while the benchmark composite index was up 0.33 percent at 1,677.42
Reporting by Siva Sithraputhran in Kuala Lumpur; Editing by Sunil Nair; firstname.lastname@example.org