MY : InNature Bhd - A steady start to the year, despite MCO 2.0

1Q21 core net profit of RM5.1m (+36.6% yoy) came in within expectations. 1Q21 revenue eased by 15.4% qoq due to the implementation of MCO 2.0. A resurgence of Covid-19 cases across its three operating markets could hurt near-term sales, but this should be offset by non-traditional channel sales. We think InNature’s merits justify investors looking beyond the short-term challenges. Reiterate Add, with a higher TP of RM0.75 (16x CY22F P/E).

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