4QFY22: Strong recovery in export market
? FY3/22 net profit waned 6.7% to RM26.6m but was above our expectation
due to stronger-than-expected sales from Middle East market in 4QFY22.
? We project 20% growth in FY23F net profit on higher sales volume and price
hikes despite potential demand risks from the impending sugar tax.
? Reiterate Hold with a higher TP of RM1.65 (20x CY23F P/E