1Q21 core net profit rose 1,585% yoy to RM1.1bn, surpassing expectations (43% of both our and Bloomberg consensus FY21 estimates). Given the robust global glove demand and lower ASPs compared to peers, Kossan expects its ASPs to remain in an uptrend until at least 3Q21F. Maintain Add, with an unchanged TP of RM7.64 (15x CY22 P/E).
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