Ann Joo Resources: 1H17: From Strength To Strength | I3investor

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UOB Kay Hian Research Articles

Ann Joo Resources: 1H17: From Strength To Strength

UOBKayHian

Publish date: Wed, 23 Aug 2017, 10:59 AM

(AJR MK/BUY/RM3.19/Target: RM3.80)

While the contraction in core net margin during the quarter is widely anticipated, we believe Ann Joo will post stronger earnings growth in 2H17 on a surge in local steel prices and significant improvement in sales volume. We also think Ann Joo will have a firmer position against competitors amid rising raw material prices, given its unique manufacturing facility and financial strength. Maintain BUY.

Source: UOB Kay Hian Research - 23 Aug 2017

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