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US BANK Citigroup has maintained its stand that investors should sell shares of IOI Corp Bhd, Kuala Lumpur Kepong Bhd (KLK) and IJM Plantations Bhd because they are already expensive relative to their forecast earnings.
It also downgraded Sime Darby Bhd to "hold" from "buy", having considered the conglomerate's valuations no longer compelling.
"An attractive feature of Sime Darby was its dividend yield. But with the recent share price rally, dividend yield is close to only 3 per cent currently," Citigroup said in a research note to investors.
Malaysian plantation stocks are highly valued, thanks to buying from local funds. Foreign shareholdings for Sime …