ATA IMS (AIB MK/HOLD/RM2.57/Target: RM2.30)
2QFY22: Missed expectations, dragged by workforce restrictions and manpower shortages. We expect ATA to register muted earnings in FY22. Downgrade to HOLD.
Carlsberg Brewery Malaysia (CAB MK/BUY/RM21.64/Target: RM24.70)
3Q21: Earnings within our expectations as Singapore softens Malaysia’s drag. Maintain BUY as valuations appear palatable against improving sentiment and earnings.
Inari Amertron (INRI MK/BUY/RM4.00/Target: RM4.40)
1QFY22: In line; on top of the strong growth from the 5G refreshment cycle, Inari is moving up the value chain to supercharge its earnings starting from FY22.
Small-Mid Cap Highlights
Malaysia Smelting Corporation (SMELT MK/BUY/RM2.89/Target: RM3.33)
3Q21: Strong earnings despite lockdown disruption, leveraging on all-time high tin prices.