Top Calls
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Company Update � Hai -O (ADD, maintain)
- 40th anniversary special reward for shareholders? We remain optimistic on the company's long-term prospects, which should be mainly driven by the: i) on-going recruitment strategies for new members and distributors for its MLM division, ii) introduction of improved higher-margin products, and iii) stronger contributions from its retail segment, driven by improved sales from its higher margined in-house products. We continue to like Hai-O for its solid long-term fundamentals, coupled with improved earnings visibility from its core MLM division and attractive dividend yields of 6-7.5% over the next three years. Maintain ADD with unchanged TP of RM3.01 based on unchanged target multiple of 11.5x.
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Other Calls
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Debt Market Research
- GII continues to dominate, look out for softer market on possible softer sentiment due to Ukraine
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