Equity Analysis /
Malaysia

MY : Mah Sing Group - Glove unit’s contribution to come in 2H21F

    Siew Teng Ngo
    Siew Teng Ngo

    Research Analyst

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    CGS-CIMB
    30 August 2021
    Published byCGS-CIMB

    1H21 core net profit deemed in line, as we expect stronger 2H21F earnings from its glove unit. 1H21 new property sales were stronger at RM801m, at 50% of its FY21F sales target of RM1.6bn. To-date, it has a booking pipeline of >RM800m. Given the delay in the installation of glove production lines due to EMCO and changes in ASP, we cut our FY21-23F EPS and lower our TP to RM0.98.