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Results disappointed largely due to RWLV taking longer than expected to ramp up due to surging new COVID-19 cases in the United States. We widen our FY21E core net loss by 76%, cut FY22E core net profit by 38% but tweak FY23E core net profit by +4% (to account for higher GENP earnings). Consequently, we trim our SOP-TP to MYR5.45 from MYR5.58. Notwithstanding, we continue to like GENT as a liquid recovery play.

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