MR D.I.Y [%YrkO%] 
Research by Kenanga
OUTPERFORM: Price Target: RM4.10

"Serving the Remote"

We initiate coverage on MR D.I.Y with an OUTPERFORM rating and TP of RM4.10. MR D.I.Y is Malaysia’s largest home improvement retailer with a market share c.29% with 788 stores covering the whole of Malaysia and Brunei. We are positive on the Group for: (i) robust growth, driven by burgeoning market demand as urbanisation spread and stores expansion, and (ii) strong GP margins (above 40%). We estimate FY21E/FY22E net profits of RM451m/RM707m (+34%/+56%) with a 3-year CAGR (2019-22) of 31%. Our TP is based on a 36x PER of FY22E EPS of 11.2 sen.

Ahmad Ramzani Ramli
E [%Xwov%]

MR D.I.Y $KLSE-MRDIY 
Research by Kenanga
OUTPERFORM: Price Target: RM4.10

"Serving the Remote"

We initiate coverage on MR D.I.Y with an OUTPERFORM rating and TP of RM4.10. MR D.I.Y is Malaysia’s largest home improvement retailer with a market share c.29% with 788 stores covering the whole of Malaysia and Brunei. We are positive on the Group for: (i) robust growth, driven by burgeoning market demand as urbanisation spread and stores expansion, and (ii) strong GP margins (above 40%). We estimate FY21E/FY22E net profits of RM451m/RM707m (+34%/+56%) with a 3-year CAGR (2019-22) of 31%. Our TP is based on a 36x PER of FY22E EPS of 11.2 sen.

Ahmad Ramzani Ramli
E ahmadramzani@kenanga.com.my