KUALA LUMPUR: Kenanga Research has tapered its earnings estimate on Fraser & Neave Holdings Bhd amid the resurgence of Covid-19 cases and higher commodity price trends but it expects the group to weather the uncertain times.
The research house, which has a “market perform” on the stock, said it expects FY21 core net profit to lower than than initially expected despite the first quarter result coming within expectations at 31% of its and consensus full-year estimates.
“Moving forward, qualms surrounding the resurgence of Covid-19 globally as well as the higher commodity price trends are likely to continue to temper with the anticipated earnings recovery,” it said.
However, Kenanga also expects the group to weather through the uncertain times due to resilient in-home consumption demand and robust…
