Earnings Report /
Malaysia

Fortress Minerals Ltd: Ore production almost doubled this quarter

  • 3Q21 results were better than expectations. Revenue was up 150.9% YoY, PATMI up 477.9% YoY.

  • 3Q21 sales volume increased a stellar 93.8% YoY on the back of increased domestic demand for steel.

  • Maintain BUY with a higher TP of S$0.47, up from S$0.28. We raise FY21e PATMI by 69.2% to capture its 3Q outperformance

PhillipCapital
21 January 2021
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