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Recovery in 2HFY22 to be patchy

■ 1HFY3/22 core net profit of RM20.2m (-52.1% yoy) fell short of estimates, owing to lower sales (domestic and export) and higher raw material costs.
■ While we forecast a stronger 2HFY22F on the reopening of economic activities, operational risks and higher material costs remain key concerns.
■ Reiterate Hold with a higher TP of RM31.50 (15x CY23F P/E).

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