EITA Resources’s 1HFY9/21 core net profit came up to only 46% of our full-year projection, as its operating costs increased beyond its sales. EITA looked to be feeling the heat from the economic slowdown. Its service division’s 2QFY21 pre-tax profit fell by 31.9% yoy due to fewer repair jobs. Our TP falls to RM1.86 as we widen our discount to elevator manufacturers’ average P/E of c.30x – from 30% to 40% – on risks of Covid-19 for EITA.
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