"Given the continued weakening order momentum and the time required to ramp up new customer production, we project a 60% y-o-y revenue decline in FY2025," states Ling in her June 27 note.
Ling Lee Keng of DBS Group Research has maintained her "fully valued" call on Aztech Global but with a reduced target price of 38 cents, from 52 cents, citing further deterioration of order momentum.
"Although new customers have been secured, initial production volumes are likely to remain limited.
