CGS-CIMB Research analyst William Tng has upgraded ISDN to “add” from “hold” as the firm’s core industrial automation business continues to do well.
ISDN’s FY2020 earnings of $15.1 million came in above the brokerage’s expectations at 104% of full-year forecasts. Though FY2020 net profit was negatively impacted by impairment and unrealised foreign exchange losses, core net profit would have been in line with CGS-CIMB’s estimates sans impairment charges.
