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Premium outlets to benefit from reopening

■ 9M21 results were a beat due to higher CPO prices and downstream profit.
■ We project sequentially higher profit in 4Q21F, thanks to higher CPO prices and better earnings from its 50%-owned premium outlets.
■ We raise our FY21-22F EPS forecasts by 4-8%. Our TP dips to RM8,28, after rolling forward our valuation to end-2022F and raising ESG discount to 10%.

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