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MY : KESM Industries - Testing times

9MFY21 results missed expectations as the group slipped into core net loss due to lower-than-expected utilisation from EMS, burn-in and test in 3QFY21. We cut our FY21-23F by 9-64% to reflect lower utilisation from ongoing wafer shortages and unfavorable sales from lower margin products. Retain Hold with a lower RM11.70 TP, on a lower 1.4x P/BV.


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