9MFY6/21 core net profit of RM6.5m was below expectations due to production disruptions (Covid-19) and delivery delays (container shortage). We expect Karex’s near term outlook to remain weak due to implementation of MCO3.0 and higher operating expenses. Reiterate Add. Our lower TP of RM0.77 is still based on 26x CY22 P/E.
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