FY21 results were above expectation U/G to BUY, TP lifted to MYR4.00 FY21 results came above our FY estimate, on stronger-than-expected QoQ performance, mainly from its 23%-owned Perodua (P2; 3.3x jump in vehicles sales). We raise FY22-23 earnings by 15%-16%, on stronger consumer spending post-pandemic, favouring P2. Our revised TP (+16%), pegged to an unchanged […]

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