1Q22 results missed our and consensus expectations as TCM slipped back into losses due to higher-than-expected opex and unfavourable sales mix. We cut our FY24F EPS and expect the group to stay in the red in FY22F due to inflationary cost pressures and negative impact from ringgit depreciation. Downgrade the stock from Hold to Reduce with a lower RM0.99 TP.

Equity Analysis /
Malaysia