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Improving near-term prospects

■ 9M21 core net profit missed expectations at 59%/51% of our/Bloomberg consensus estimates due to lower-than-expected GP margin from TPA.
■ We cut FY21-23F EPS, but expect earnings to recover from 4Q21F onwards in view of a pick-up in economic activities amid rising vaccination rates.
■ Retain Reduce with a higher RM1.55 TP as we roll over valuation to end-22F.

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