MY : Heineken Malaysia Bhd - Expecting lower sales in 2Q21

1Q21 core net profit rose 16.1% yoy to RM74.4m, which we deem to be in-line with our but below Bloomberg consensus FY21 estimates. We lower our FY21-23F EPS by 1.1-5.3% due to recent reimplementation of lockdown measures (MCO 3.0) and impact of extended Covid-19 outbreak. We reiterate our Hold call with a lower DDM-based TP of RM24.20.

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