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MY : Wellcall Holdings - Expect a weak 3QFY21F due to MCO3.0

1HFY9/21 core net profit of RM17m (+3.5% yoy) met expectations at 46.7% of our and 47.1% of Bloomberg consensus full-year estimates. Wellcall is confident of strong demand for its goods, driven by: i) inelastic demand for hoses, and ii) a pick-up in global business activities. Reiterate Add, with a lower TP of RM1.22 (15x CY22F P/E).


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