MY : DKSH Holdings (Malaysia) - A strong start to the year

1QFY21 core net profit of RM23.9m (+103% yoy) beat expectations, mainly due to stronger-than-expected MD segment revenue and margins. Despite the uncertainty caused by recently tightened movement restrictions, demand for DKSH’s product portfolio should hold up well, in our view. Maintain Add with a higher TP of RM4.20 (10x CY22F P/E)

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