Expecting condom sales to recover
? We deem 1QFY6/22F core net profit of RM1.2m (-77.9% yoy) as in line as we project stronger results in the remaining quarters of FY22F.
? We lower our FY23-24F EPS by 3.4-12.7% as we cut our glove ASP forecasts in view of the current steep decline in global glove ASPs.
? Reiterate Hold, with a lower TP of RM0.43 (26x CY23F P/E).