Equity Analysis /
Malaysia

MY : Aemulus Holdings Bhd - Affected by order deferments in 3QFY22

    CGS-CIMB
    28 July 2022
    Published byCGS-CIMB

    9MFY9/22 results missed expectations at 60% of our full-year core NP forecast due to temporary order deferments from its customers in 3QFY9/22. However, the group expects to fulfill the orders in upcoming quarters in view of a gradual improvement in wafer supplies at its customers. We cut our FY22-24F EPS by 5-15%. Retain Add with a lower RM0.76 TP, based on a lower 21x CY23F P/E, 1 s.d. below Malaysian ATE sector mean.