Stock Watch - HLIB Retail Research – 23 June FLBHD- A value, d | ShareNews2U

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.

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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