Defensive in the face of FMCO ■ 9M21 core net profit of RM57.7m (+61.4% yoy) was within expectations, at 74% of our and 72% of Bloomberg consensus full-year estimates.■ We expect demand and operating margins to rebound qoq in 4Q21 on the back of the reopening of economic activities and higher economies of scale.■ Reiterate […]

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