MY : CCK Consolidated Holdings - Higher ASPs to offset rising feed cost prices

1Q21 net profit of RM6.1m (-25% yoy) missed expectations due to higher-than-expected feed cost prices and lower-than-expected HORECA demand. Going forward, CCK aims to gradually raise its selling prices to pass on the recent spike in feed cost prices as well as continued cost control efforts. Reiterate Add, with a lower TP of RM0.83 (13x CY22F P/E).

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