Proton Holdings Bhd, Malaysia's state-controlled carmaker, had its stock rating downgraded at RHB Research Institute Sdn Bhd on concern its spending to help turn around its Group Lotus Plc unit will 'pressure' its balance sheet and erode earnings.
The stock was cut to 'market perform' from 'outperform,' Loong Kok Wen, an analyst at RHB, said in a report today.
Loong also downgraded the Malaysian auto sector to 'neutral' from 'overweight.' -- Bloomberg
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