CCK Consolidated: Indonesia Operations to Drive Growth
CCK Consolidated ‘s (CCK) 4QFY25 core PATAMI fell 31.5% YoY to RM13.9m, dragged by lower contributions across major operating segments and higher effective tax rate. Full-year FY25 core PATAMI of RM66.7m were below our and consensus estimates, at 89% and 90% respectively.
The discrepancy in our numbers was mainly due to the lower-than-expected contribution from the retail segment, impacted by strategic pricing adjustments amid intensifying competition among domestic retailers.
As a result, we revise down our FY26-27F earnings forecast by 14%, factoring in weaker domestic retail contributions. However, we remain positive on CCK’s Indonesia operations, with the expected commencement of its new food processing facility in Central Java.
“We rollover our valuation base year to FY27F, and maintain our Outperform call with a higher TP of RM1.50 based on 10x FY27F EPS.” writes Public Investment Bank.
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