Advertisements

1QFY22 dampened by FV loss on derivatives

■ 1QFY6/22 core net profit was broadly in line with our forecast and would have been stronger if not for a RM109m fair value (FV) loss on derivatives.
■ 1QFY22 net profit grew 71% yoy, thanks to stronger plantation earnings.
■ We project a stronger 2Q as we see stronger sequential manufacturing contribution. Reiterate Hold, with a lower SOP-based TP of RM3.94.

Advertisements