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MY : Pentamaster Corp Bhd - Ride the recovery

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.


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