Near-term disruptions in customer demand
■ 1QFY21 core net profit of RM1.5m (-7.8% yoy) came in below expectations,
mainly due to weak sales volumes for its hygiene segment.
■ While OCP is allowed to operate during the current lockdown, demand for its
insulation segment from automotive customers has been disrupted.
■ End-demand should recover swiftly upon the easing of restrictions. Reiterate
Add with a lower TP of RM0.60.