0607 GMT [Dow Jones] STOCK CALL: SIAS Research downgrades CSC Holdings (C06.SG) to Sell from Buy on view valuation rich.
Says stock currently trades at about 38.2X forward earnings vs construction sector average of 19.2X; "since our initiation on the stock in December 2006, it has more than doubled in price.
Investors should take profit at this juncture. Also trims target price to S$0.32 from S$0.35 based on 31X forward P/E. Despite downgrade, SIAS expects civil engineering firm to benefit from strong demand for construction services in Singapore over next few years.
Stock flat at S$0.385. (FKH)
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