MY : QL Resources - Valuations are overstretched

FY3/21 core net profit of RM232.4m (-2.9% yoy) missed expectations due to a spike in feed cost prices and unexpected losses from the POCE division. We lower our FY22-23F EPS by 8.6-15.9% to account for higher feed cost prices and lower contribution from both POCE and ILF segments. Reiterate Reduce, with a lower TP of RM5.10 (40x CY22F P/E).

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