Higher ASP and sales to lift 4Q21F earnings
■ 9M21 core net profit of RM17.7m (-29.3% yoy) was within expectations, at 70% of our and 67% of Bloomberg consensus full-year estimates.
■ CCK should post stronger results from 4Q21F onwards, on the back of: i) price increases, ii) rebound in sales, and iii) higher economies of scale.
■ Reiterate Add, with higher TP of RM0.84 (13x CY23F P/E). We like CCK for its undemanding valuation and as a proxy for a recovery in HORECA sales.