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9M21 results came in below, mainly on weaker 3Q21’s performance at its 38%-owned Perodua (P2) ops, which leads us to lower FY21-23E earnings by 3%-12%, on lower vehicle sales/margins. Conversely, its Toyota division is expected to perform remarkably in 4Q21. All in, the sub-par FY21 is well-flagged and focus should instead be on the FY22 recovery play. Our TP is unchanged, pegged to 16x FY22 PER (-0.5-SD valuation). 

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