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.
Equity Analysis /
Malaysia