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buy apple account:Better quarters ahead for SKP Resources


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,KUALA LUMPUR: SKP Resources Bhd's growth prospects remain promising as the electronic manufacturing services (EMS) industry stays resilient due to steady global demand and the cost past-through mechanism.Ahead of SKP's 1QFY22 results on Aug 30, RHB Research is optimistic the group's quarterly sales and profit will improve significantly year-on-year due to the low base in the comparative quarter that was affected by MCO1.0.The research house added that 1QFY22 sales should normalise from the immediate preceding quarter although bottomline growth could be flattish due to one-off margin boosters and relatively low effective tax rates in 4QFY21."We maintain our earnings forecasts, but raise our TP to MYR2.05 after rolling over the valuation base year to 2022, from FY22. The ascribed P/E is unchanged, at 19x," it said, while maintaining its "buy" call.RHB noted that EMS players tend to enjoy increased order volumes in the second half of the calendar year due to year-end festive demand across key markets.It expects the same for this year although SKP may not reap the full benefits, especially if the lockdown restrictions are further extended."To minimise the earnings downside, we believe SKP would be focused on making the best out of its restricted workforce capacity, managing supply chain disruptions, and protecting its workers from pandemic-related risks via the tight implementation standard operatingprocedures and vaccinations," said RHB.SKP has plans to commence another two new production lines by end-2021 and 1Q22, which will be housed in a newly leased plant.The group will be embarking on another major expansion, which could start construction by 4Q21 and potentially lift its total capacity by about 40% once completed."We believe this has showcased SKP’s optimism on the continuation of order flows moving forward, fuelled by its major customer’s product innovation and ambitious growth targets," said RHB.


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