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high quality apple developer account(buyappleacc.com):Kenanga downgrades QL Resources to 'market perform'

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,KUALA LUMPUR: Kenanga Research has downgraded QL Resources Bhd's outlook on the back of volatile raw prices following the earnings disappointment in the group's recent quarterly results.The research house said the group's 1QFY22 Patami of RM42mil came to 14% and 15% of its and consensus full-year estimates due to the re-emergence of a low fish landing cycle and an unforeseen drastic regional surge of the pandemic contributing to weaker sales in its marine products manufacturing (MPM)."Post results, our FY22E is revised down by 8% to RM287m on account of weak MPM performance in the 1Q and challenging PBT margins," it said in a note.In line with the lower forecast, Kenanga downgraded QL Resources to "market perform" and cut its target price to RM6 from RM6.90 previously, based on 51x forecast FY22 price-earnings ratio, closely in line with plus-one standard deviation over its three-year mean.In the coming quarters, Kenanga expects group earnings to be anchored by its MPM segment due to a stable fish ccycle coupled with persistently robust sales momentum especially from the frozen surimi-based productsMPM activities are historically lower in 4Q of the group's financial year due to the monsoon and it expects improvement ahead given no further resurgence of the pandemic.The research house expects the consolidation of Boilermech to solidify and provide double-digit contribution to the top-line while FamilyMart is expected to see gradual improvements underpinned by normalising footfalls with the easing movement restrictions."The group is on track to meet its FY22 target of 300 locations, with c.212 stores opened to date."Hence, we reiterate our view that this segment will be an exciting avenue of growth, premised on its high-margin fresh food content products," it added.
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