Poh Huat [%yFoQ%] 
Research by AffinHwang Investment Bank
HOLD (maintain) Price Target: RM1.46

"4QFY21 fell into the red due to lockdown measures"

FY21 core net profit declined 38.1% yoy due to a loss incurred in 4QFY21. We are expecting the shortage of labour and rising raw material costs to continue to pose some constraints on capacity and margins. We cut our FY22-23 earnings estimates by 3.8-6.2% and introduce our FY24 estimates. Post earnings revisions, we arrive at a lower TP of RM1.46. Maintain HOLD as valuations are trading in line with its historical mean PE.

Research Team
T (603) 2146 7599
E [%JAyo%]

Poh Huat $KLSE-POHUAT 
Research by AffinHwang Investment Bank
HOLD (maintain) Price Target: RM1.46

"4QFY21 fell into the red due to lockdown measures"

FY21 core net profit declined 38.1% yoy due to a loss incurred in 4QFY21. We are expecting the shortage of labour and rising raw material costs to continue to pose some constraints on capacity and margins. We cut our FY22-23 earnings estimates by 3.8-6.2% and introduce our FY24 estimates. Post earnings revisions, we arrive at a lower TP of RM1.46. Maintain HOLD as valuations are trading in line with its historical mean PE.

Research Team
T (603) 2146 7599
E researchra@affinhwang.com

$POHUAT / 7088 (POH HUAT RESOURCES HOLDINGS BERHAD)