Equity Analysis /
Malaysia

MY : Fraser & Neave Holdings - Expecting a stronger 2HFY22

    Walter Aw
    Walter Aw

    Research Analyst

    CGS-CIMB
    28 April 2022
    Published by

    1HFY9/22 core net profit of RM201.7m (-17.9% yoy) was broadly in line with expectations, at 46% of our and 53% of consensus FY22 estimates. We view FNH as a key beneficiary of the reopening of the economy, backed by a surge in HORECA sales leading to higher economies of scale. Maintain Add, with unchanged DDM-based TP of RM29.80.