Equity Analysis /
Malaysia

MY : CCK Consolidated Holdings - To benefit from higher HORECA sales

    Walter Aw
    Walter Aw

    Research Analyst

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    CGS-CIMB
    8 April 2021
    Published byCGS-CIMB

    We reiterate our positive view on CCK, backed by: i) a recovery in HORECA sales, ii) higher Indonesia contribution, and iii) expansion of its retail network. CCK plans to add 5 new outlets annually for the next three years, bringing its total retail outlet count to 85 (+21.4%, from 70 currently) by end-CY23F. Reiterate our Add call, with an unchanged TP of RM0.88 (13x CY22F P/E).