Kossan’s net profit for 1QFY21 jumped by fifteen-fold, to a new record high of RM1.04bn. During the quarter, Kossan also made a RM50m contribution to the Malaysian government’s Covid-19 fund. The contribution is non-recurring in nature, stripping out the one-off contribution, Kossan’s core net profit would be RM1.09bn, up by 1585% YoY. Kossan’s stellar performance came in above both our and consensus estimates at 41% and 43% respectively. The discrepancy in our forecast was due to higher-than-expected revenue. However, we are keeping our forecasts unchanged, pending an analyst briefing. We maintain our Trading Buy call, with an unchanged target price of RM6.10. We reckon that the rising Covid-19 cases in multiple countries, including Malaysia, should help to lift sentiments on the glove sector in the near term. On a side note, Kossan has also declared an interim dividend of 12sen per share.
Source: PublicInvest Research - 21 Apr 2021
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Undi_PKR
Meru has factory? Why KYY not aware?
2021-04-21 11:02