24 Sept (TA) => We downgrade Glomac to Hold (from Buy) with a lower TP of RM0.33/share (previously RM0.40), based on a revised CY26 P/Bk multiple of 0.21x (from 0.25x). The lower multiple reflects execution risks and weaker earnings delivery and is set slightly below Glomac’s 10-year forward P/Bk average of 0.23x, which we view as a more conservative benchmark in the current environment.