Improving outlook from 4Q21F onwards
■ 1H21 core net profit of RM100m missed estimates, due to lower sales
volume and temporary suspension of operations during MCO in 2Q21.
■ Despite potentially weaker qoq results in 3Q21, we think HEIM should see a
gradual recovery from 4Q21F onwards as lockdown measures are eased.
■ Upgrade to Add from Hold. Our DDM-based TP is unchanged at RM24.20.