皇冠下载:InNature faces bumpy road going forward

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PETALING JAYA: While expecting Innature Bhd to maintain its profitability, CGS-CIMB Research believes the next two years could be challenging.

In a note published yesterday, the research house cited cautious consumer spending amid high inflation and interest rate hikes, coupled with sluggish tourist arrivals as the reasons.

CGS-CIMB Research said the cosmetics and personal care products retailer’s good record of having remained profitable, albeit with lower profit margins, should hold it in good stead.

“For instance, the average gross profit margin of InNature declined from about 78.5% in 1996-1997 to around 56.3% during the Asian Financial Crisis in 1998-1999, and to around 60% during the SARS outbreak of 2003-2004. It slipped to about 63.4% during the global financial crisis in 2008 and 64.4% during the coronavirus outbreak in 2021.

“The average gross profit margin during the pre-pandemic period was about 67% between financial year 2017 (FY17) and FY19,” CGS-CIMB Research said in a report.

With a current loyal customer base of around 300,000, which accounted for 76% of InNature’s total revenue of RM73.3mil for the first half of the year (1H22), the research house believes this should help to minimise the impact of a possible 2023 recession.

It maintained its “hold” call on the stock, with a target price of 55 sen, but reduced its earnings per share estimate by 1.7% for FY22 to 3.1 sen and by 0.7% for FY23 to 3.4 sen.


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