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9M21’s results were below expectations and we lower FY21-FY23 earnings estimates by 6%-49%. With the improvement in AEON’s operational landscape, sequential earnings should return to the black. The pace in recovery however may be slow, especially in its property management segment where rental rates are expected to remain low. Maintain BUY with a lower TP of MYR1.60 pegged to unchanged 22x FY22 PER (about -0.5SD to mean).

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