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IHH’s 3Q21 core earnings were up 48% yoy on stronger operational metrics across its operations. 9M earnings came in slightly ahead of expectations, making up 79% and 81% of ours and consensus’ full-year forecast, as the sequential moderation in 3Q21 revenue intensity and Covid-19 related revenues were not as severe as we initially expected. We raise FY21-23E earnings by +3% to account for this better-than-expected operational performances. Our SOP-derived TP is raised to RM7.48. Maintain BUY.

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