Multiple headwinds still ahead
? 1HFY8/22F core net profit of RM272m (-95% yoy) was below expectations,
due to lower-than-expected ASPs and surge in operational costs.
? While ASPs may have bottomed in 3QFY22, we expect multiple headwinds in
terms of higher raw material costs and increase in operating expenses.
? We reiterate our Reduce call and TP of RM1.30 (20x CY23F P/E).