Spritzer’s 1QFY23 core net profit of RM7.2mn was in-line with our expectation, accounting 20% of full year forecast. Core net profit increased by 8% YoY mainly due to higher sales volume and average selling price (ASP). On QoQ basis, core net profit dropped by 19% mainly due to higher operating cost especially electricity. Moving forward, Spritzer’s FY23 outlook remains intact with sales growth to be supported by stable bottled water demand given the revival in tourism activity and an increase in awareness in healthier drinks as well as hygienic bottled water. Maintain a BUY call with TP of RM2.60 based on 14x PER pegged to FY23 EPS of 18.6sen.
Source: BIMB Securities Research - 31 May 2023
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SPRITZERCreated by kltrader | Jul 17, 2024
Created by kltrader | Jul 17, 2024
Created by kltrader | Jul 17, 2024