Stock Watch - HLIB Retail Research – 23 June FLBHD- A value, d | HLeBroking

Stock Watch - HLIB Retail Research – 23 June
FLBHD- A value, dividend and export play

Despite the shipment delay due to US port congestion, FLB’s 1QFY22 results were above our expectation. We believe FLB will register stronger QoQ earnings in 2Q in anticipation of higher realized plywood prices to offset rising input costs. On top of the bread-and-butter US market, the Russian-Ukraine war has opened up a new window for FLB to penetrate into the EU markets. We raise our FY22-23 earnings forecasts by 21% and 11% and subsequently raise our FV to RM 2.26 based on 8.6x FY23 EPS of 26.6sen and supported by strong netcash per share of RM1.03 and handsome FY2023 DY of 8.8%

FLBHD——具有投资价值和高股息的出口受惠公司

尽管美国港口拥堵导致发货延迟，FLB 的 2022 财年第一季度业绩仍然超出了我们的预期。 我们认为 FLB 将在第二季度取得得更强劲的业绩表现，因为胶合板价格的上涨已经抵消了不断上涨的成本。 除了美国市场，俄乌战争间接性为FLBHD打开了新的窗口进入欧盟市场。 我们将 FY22-23 的盈利预测分别上调 21% 和 11%，基于FY23财年 8.6 倍,EPS 26.6 仙, 每股净现金达RM1.03以及FY23财年高达8.8%的股息率，我们将目标价上调至 RM2.26 。

Full report link 完整报告链接: https://www.hlib.hongleong.com.my/Published/Download.ashx?ArticleId=18924&mode=view

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