1Q21 core net profit was below expectations at 21% of our/consensus FY21F forecasts on unfavourable sales mix and higher-than-expected depreciation. We cut EPS by 4-6% but still project a robust earnings recovery from FY21F onwards, driven by new sensor upgrades and deepening exposure in EV. Upgrade from Hold to an Add with a lower RM5.85 TP, based on 36x P/E.
- 1 Macro Analysis/Global Central bank monetisation raises risk of inflation and currency crisis
- 2 Weekend Reading/El Salvador Why Facebook and CBDC could be real winners from El Salvador’s Bitcoin embrace
- 3 Flash Report/Uruguay dLocal: Strong post-IPO rally reaffirms EM digital payments infrastructure story
- 4 Strategy Note/Global G7's 'Build Back Better World' is not an answer to China's Belt and Road
- 5 Macro Analysis/Global G7 reiterates support for SDR allocation and seeks to boost its impact
This publication is being distributed by Tellimer solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not con...