RHB Research cut its fair value on automotive-to-insurance conglomerate DRB-Hicom Bhd to 3.20 ringgit from 3.55 ringgit on the back of weaker-than-expected earnings weighed by its automotive division. DRB's automotive segment revenue in the third quarter was dragged by weak sales of Proton and Suzuki car models, while finance costs for the period more than doubled due to borrowings taken to acquire Proton, RHB said in a note on Thursday. The research house, ...
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