Torque about stronger margin recovery
■ FY4/21 core net profit beat our expectations by 34% and consensus by 39%
due to better-than-expected margin and sales volume in 4QFY21.
■ We see a weaker start in 1QFY4/22F due to FMCO but forecast a stronger
FY4/22F, driven by higher sales volume from new launches and tax holiday.
■ Raise FY22-23F EPS by 2-18%. Reiterate Add with a higher RM2.00 TP.