Jefferies Research lowered its target price for PAX Global Technology (00327) to HK$3.45 from HK$3.6 and maintained its "hold" rating.
The research house said PAX's 1H results were very good, but management continues to caution against a slowdown in 2H, which is predicated on a high base of comparison in Brazil in 2H 2018 and the intensified competition of China.
Jefferies expects PAX to continue to trade near the bottom of its historical range until all of its major markets start to show revenue growth. It also tweaked its fully-diluted EPS forecasts for FY2019-21 by -3.8%, -5.3% and -3.7% respectively.
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