KUALA LUMPUR: TAN CHONG MOTOR HOLDINGS BHD []'s share price took a dip on Friday, Sept 24 after MIDF Research had downgraded the stock to a sell a day earlier.
At 9.41am, the stock fell nine sen to RM5.68 with 210,100 shares traded.
MIDF Research kept its fair value on the counter at RM4.60 based on 12 times FY11 earnings, which the research house said was in-line with its five-year average.
"At the current level, the counter is trading at almost 20 times FY11 earnings, which is at a significant premium to its peers at an average of 11 times.
"Hence, the run up in the share price could provide opportunities for profit taking," it said in report on Thursday.
At 9.41am, the stock fell nine sen to RM5.68 with 210,100 shares traded.
MIDF Research kept its fair value on the counter at RM4.60 based on 12 times FY11 earnings, which the research house said was in-line with its five-year average.
"At the current level, the counter is trading at almost 20 times FY11 earnings, which is at a significant premium to its peers at an average of 11 times.
"Hence, the run up in the share price could provide opportunities for profit taking," it said in report on Thursday.
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