Ezion Holdings has been downgraded by Singapore bank DBS given what it says is the “potential for further asset impairments”.
The bank said it was also concerned about the “slower-than-expected” ramp up in utilization as it cut its recommendation to ‘hold’.
“While it is darkest before dawn and the stock’s valuation has been greatly discounted for the slow recovery, clearer signs are required to re-rate the stock,” said analyst Pei Haw Ho.
