Lee Swee Kiat (LSKG) 2Q23 net profit of RM2.6mn (QoQ: -22.9%, YoY: - 14.8%) was in line with our expectations, accounting for 46%, but fell below the consensus of 44% for the full-year forecast. Revenue and earnings on a YoY basis declined by 0.9% and 14.8% respectively attributed to persistent weak demand from the export division, coupled with increased costs related to latex and overall expenses. No dividend was declared. We anticipate stable earnings from LSKG supported by strong domestic sales, a rise in sales volume from Cuckoo-Napure, and the strengthening of the Ringgit. Reiterate a BUY call on LSKG with a TP of RM0.93. Our valuation is based on 11.3x PER that is pegged to FY23F EPS of 8.2sen.
Source: BIMB Securities Research - 22 Aug 2023
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LEESKCreated by kltrader | Jun 28, 2024
Created by kltrader | Jun 24, 2024
Created by kltrader | Jun 24, 2024