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"Affin Hwang Investment Bank said in a note on Tuesday that the news is negative for investor sentiment, and may affect MyEG's long-term earnings trajectory. It downgraded the stock to "hold" from "buy", and cut its 12-month target price for the stock to 93 sen from RM1.23.
It estimated that immigration-related services contribute to 40-50% of MyEG's revenue."
