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aws账号(www.2km.me)_CU store expansion to help drive MyNews growth

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Cheif Executive Officer (CEO) (Retail) of myNews Holding Berhad Ms Low Chooi Hoon (right) picture together with her team in front on their 40th outlet and the1st CU convenience store at City Junction Penang in Tanjong Tokong. ( December 18,2021 ) —ZHAFARAN NASIB/The Star

KUALA LUMPUR: MyNews Holdings Bhd is an attractive proxy to the recovery theme, having yet to benefit from the full-fledged and sustained reopening of the economy expected to take place next year.

RHB Investment Bank Bhd Research said it remains upbeat on the group’s CU stores’ aggressive expansion plans, with its scalability and synergistic benefits expected to underpin earnings growth in the medium to long term.

“Considering the CU brand’s positive reception, we do not rule out the possibility of a shorter gestation period and positive contribution to earnings,” said the research unit in its latest report.

It pointed out that retail sales have only seen a mild improvement for the group’s fourth quarter ended Oct 31, 2021 due to the gradual relaxation in movement restrictions.

It opined that a return in office crowds and the reopening of international borders in the second half of 2022 would see MyNews’ earnings recovery to be much stronger in financial year 2022 (FY22), as most MyNews stores are located in the Klang Valley.MyNews outlet

RHB Research noted that MyNews recorded a core loss of RM8.9mil for the fourth quarter of FY21, bringing the cumulative loss for FY21 to RM43.1mil – missing analysts’ consensus full-year estimates (RM31.5mil core loss for FY21), but broadly in line with the research unit’s estimate (RM40mil).

The negative deviation was due to the lockdown-induced business disruptions that lasted between May to September 2021, as well as the softer retail performance from a lack of foot traffic.

RHB Research maintained its “buy” call on MyNews with a target price of RM1.22.

Meanwhile, Kenanga Research said MyNews could see hiccups ahead arising from funding challenges, as the group is targeting 200 new stores (both CU and Mynews) for FY22.

Kenanga Research pointed out that in FY21, MyNews saw a net loss of RM43mil, given the volatile restrictions with the targeted opening of its CU outlets temporarily shelved.

“Net losses worsened on higher depreciation and amortisation expenses arising from investments in CU. On a positive note, fourth quarter of FY21 saw a positive topline growth on easing of restriction from Sept 15,” said the research unit.

However, Kenanga Research revised its call on MyNews to “outperform”, given the weakness in its share price recently, and raised its target price to RM1 from 90 sen previously.

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