Advertisements

Valuations have turned appealing

■ We deem 1HFY3/22 net profit of RM88.1m (-27.2% yoy) within our expectations, as we expect stronger 2HFY22 results.
■ We expect QL to record stronger quarters ahead, driven by: i) better poultry prices, ii) higher MPM production output and iii) higher economies of scale.
■ Upgrade to Add, as we believe that current valuations are attractive given the recent retracement in share price. TP raised to RM5.50 (36x CY23F P/E).

Advertisements