MY : Success Transformer Corp - Bright lights from 1QFY22F onwards

9MFY6/21 core net profit of RM16m (+252% yoy) beat our estimates, due to higher-than-expected local sales, as well as a surge in margins. We expect STC to record weaker qoq results in 4QFY21F, due to lower sales owing to the MCO3.0 impact (lower productivity and operational restrictions). Reiterate Add, with a higher TP of RM1.05 (12x CY22F P/E).

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