MY : Tomypak Holdings - Turnaround on track

Tomypak Holdings’ 1Q21 core net profit formed 31% of our FY21F forecast. A tax credit and higher-than-expected sales buoyed the quarter’s earnings. However, we believe the company’s margins could come under pressure in the coming quarters due to rising resin prices. Tomypak’s recent share price pullback presents an opportunity to accumulate the stock, in our view. Our TP remains based on 1.5x CY22F P/BV.

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