4QFY22 hit by operational disruptions
? FY3/22 core net profit of RM50.6m (-58.6% yoy) was below our expectations
due to prolonged operational disruptions affecting production and sales.
? While we expect PMM to post stronger results in FY23F on resumption of full
operations and economic reopening, rising input costs remain a key concern.
? Reiterate Hold with a lower TP of RM28.40 (15x CY23F P/E).