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Time to lift off

■ EITA Resources’s FY9/21 core net profit was 4% higher than our full-year forecast. Its effective tax rate was lower than what we had estimated.
■ We raised our FY9/23F EPS forecast by 2%. We are optimistic that EITA’s earnings can bounce back to pre-pandemic levels as the economy reopens.
■ Our TP notches up slightly to RM1.87, still valued at 18x CY22F EPS (a c.40% discount to global elevator manufacturers’ weighted average).

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