Equity Analysis /
Malaysia

MY : Supermax Corp - Tougher quarters ahead

    Walter Aw
    Walter Aw

    Research Analyst

    CGS-CIMB
    18 November 2021
    Published by

    1QFY6/22 core net profit of RM639m, at 37% of our FY22 forecast, is below our expectation as we see weaker ASPs and sales volume in quarters ahead. We expect SUCB’s near-term earnings to remain weak, due to impact from issuance of WRO by US CBP on SUCB, which should affect 20% of its sales. Reiterate Hold. We cut our FY22-24F EPS by 12-17% and TP to RM1.86.