MY : Lee Swee Kiat Group - Sleeping soundly through troubled times

LSK’s net profit rose 139.4% yoy to RM3.1m in 1Q21, mainly thanks to higher sales, as well as margin expansion from higher economies of scale. LSK should post better hoh results in 2HFY21, due to: i) higher export sales, ii) contribution from Cuckoo collaboration, and ii) lower raw material prices. We reiterate our Add call with an unchanged TP of RM1.52 (13x CY21F P/E).

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