1Q21 results were in line at 23% of our and consensus full-year forecasts. The group raised its FY21F sales growth target from low single-digits to high single-digits, driven by robust demand from the AL segment. Reiterate Add with a lower RM3.20 TP, based on a lower 16x CY22F P/E. Uchi offers a decent 5.6-5.9% dividend yield for FY21-22F.
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