KUALA LUMPUR (April 27): AffinHwang Capital Research has downgraded Jaya Tiasa Holdings Bhd to “Sell” (from Hold) at RM1.65 with a lower target price of RM1.50 (from RM1.75) and said Jaya Tiasa’s 9MFY15 log and FFB production declined partly due to the bad weather, termination of main contractor as well as labour shortage that has affected the harvesting process.

In a note today, the research house said the latter reasons may adversely impact earnings in the quarters ahead and thus with earnings at risk, it downgraded Jaya Tiasa to a Sell with a new SOTP-derived target price of RM1.50.