Further price increases on the cards

■ We reiterate our positive view on Wellcall post its FY9/21 results briefing on the back of strong demand for its products and plans to raise ASP.
■ Wellcall plans to raise its selling prices gradually to pass on higher raw material prices; first round of 3-5% hike was undertaken in 1QFY9/22.
■ Reiterate Add, with TP of RM1.36 (based on 15x CY23F P/E, 5-year historical mean) supported by solid dividend yields of 5.1-6.2% for FY22-24F.