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Try to stop this juggernaut

■ Thong Guan Industries’s 9M21 core net profit made up 80% of our full-year forecast, above expectations on the back of stronger-than-expected sales.
■ We expect the group to fare better qoq as it said that operations resumed to full capacity beginning end-Sep 2021. Capacity expansion is under way.
■ We raise our FY21-23F EPS by 5-7%. With our 14.2x target P/E rolled over to end-2022, our TP rises to RM5.44 (99.3% potential upside).

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