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Halcyon Agri Corp | Hold

Dec 8 close: S$0.555

Target price: S$0.64

UOB Kay Hian Research, Dec 8

After a bout of acquisitions, Halcyon (HALC) is facing a record low gross material profit, margin pressure and a weakened balance sheet. Given the current rubber bear market, risk of capacity under-utilisation heightens as the group continues to execute and transition towards being a rubber supply chain manager. HALC is expected to be well positioned for growth should rubber prices recover. Adjusted nine-month...

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