1HFY21: results within estimates

Maintain Buy rating with TP of RM2.90 pegged to 15x forward PE based on CY21F EPS. Daibochi 1HFY21 core earnings was flattish at RM27m came in within our and consensus estimates. It accounted for 47% and 48% of our and consensus full-year forecasts respectively clients. Revenue in 1HFY21 increased slightly to RM318m (+2% YoY) on the back of higher domestic sales contributions which accounted for 56% of total sales (vs 44% of export sales. 

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