2Q21: Valuations Remain Rich Against ADV NormalisationBursa reported 2Q21 earnings that were largely in line with expectations. July 21 ADV remains well below 2Q21 and 1H21 levels. We expect the stock to register three consecutive years of earnings contraction from 2021-23 as ADV normalises downwards off a high base. Current 2022 PE valuations of +0.5SD […]

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