SINGAPORE (May 13): CIMB is upgrading Silverlake Axis to “add” from “hold” as total return exceed 10% once again on the recent share price fall.

In a Thursday report, CIMB analyst William Tng said 3Q16 core and 9M16 net profit were in line with expectation but below consensus. Management said the appreciation of the S$ and US$ against the RM contributed about 9% to the revenue increase in 3Q16 and 10% in 9M16.

Acquired last October, Symmetri Group contributed 7% to the group’s revenue but was a slight drag on profits.

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