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aws账号(www.2km.me)_Robust demand to keep Evergreen Fibreboard on growth track

admin2022-01-1416

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KUALA LUMPUR: Evergreen Fibreboard Bhd could continue its earnings growth momentum following a commendable 3Q21 result, despite rising raw material costs. In a report, Hong Leong Investment Bank (HLIB) Research said the robust demand and rising average selling prices in the panel boards and furniture market is expected to outweigh these near-term challenges."With the expected turn around in its Malaysia segment in 4Q21 and sustained positive contributions from its regional operations (supported by reasons highlighted above), we believe Evergreen is on track to deliver commendable results in 4Q21, with earnings growth momentum sustaining in to FY22," it said.Rubber woods costs have increased across all three of the group's operating countries, with Malaysia experiencing a more pronounced increase doe the flood and rainy season.Glue prices meanwhile have risen more than 30% due to increased fertiliser usage in oil palm plantations, which resulted in higher urea prices.However, HLIB said it expects raw material prices to start normalising once weather conditions improve while glue costs may have peaked and may start easing from February 2022.In addition, the group's application for foreign labour intake should provide upside to the group's ready-to-assemble segment, it added.HLIB maintained its "buy" call on Evergreen Fibreboard with an unchanged target price of 67 sen per share.In its recent 3Q results, Evergreen recorded a core net profit of RM2.6mil, which brought 9M21's net profit to RM12.8mil, a turnaround from a RM20.1mil loss in the previous corresponding period.
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