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9M21 results fell below expectations on the back of weaker CVS product mix. That said, SEM’s CVS earnings delivery is expected to improve in tandem with better consumer mobility and store footfall in sequential quarters. As the effects of the pandemic prolong, SEM’s pharmacy store contributions should also remain resilient. Our FY21 earnings estimates are reduced by 16% but FY22-FY23 estimates are unchanged. Maintain HOLD with an unchanged TP of MYR1.55 (based on 27x FY22 PER). 

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