Spritzer’s 3QFY23 core net profit jumped 49.3% YoY to RM17.1m, mainly attributable to the higher sales volume and lower operating cost, bringing the YTD core net profit to RM36.3m. Cumulative 9MFY23 earnings were above our and consensus estimates, accounting for 103% and 96% respectively. The discrepancy in our forecast was mainly due to the lower-than-expected operating costs. Therefore, we raise our earnings estimates by 14-35% for FY23-25F, as we lower our cost assumptions. We are optimistic on Spritzer’s future outlook as we believe that the resumption in economic and tourism activities will continue to drive bottled water sales. As such, we upgrade our call on Spritzer from Neutral to Outperform, with a higher TP of RM2.08 based on 13x PER FY24 EPS.
Source: PublicInvest Research - 28 Nov 2023
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