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MY : Freight Management Hldgs - Chugging along nicely

9MFY6/21 core net profit of RM24.7m (+87.2% yoy) was above expectations, thanks to better-than-expected results from sea and air freight segments. We project FMH to post a 3-year EPS CAGR of 27%, from i) higher freight volumes, ii) lower JV associate losses and iii) better economies of scale. Reiterate Add, with a higher TP of RM2.40 (20x CY22F P/E).


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