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KUALA LUMPUR: A strong first-half earnings result underpinned by sales growth and operational efficiencies has put Power Root Bhd in position to capitalise on further growth momentum going forward.
RHB Research said the group's results in the first half of its financial year met its expectation at 53% of full-year estimate, but beat the consensus forecast at 60%.
During the period, Power Root's revenue surged 55% to RM241mil on robust domestic and export sales.
"Together with prudent cost management and higher operational efficiency, 1HFY23 operating profit more than tripled to MYR38m, with margin expanding by 9.3ppts to 15.8%," said the research firm.
For the second quarter alone, net profit was up by a slight 2.3% to RM16mil as a result of higher marketing spending and Esos expenses.
The group declared a second dividend payout of three sen a share, bringing its year-to-date payout to six sen a share.,
In its analysis, RHB said it expects the encouraging growth momentum to sustain after taking into account the fundamental improvement in its marketing and distribution strength, effect of price increases and rising contribution from new products.
It added that the strong US dollar will also bode well for its earnings as a net exporter.
RHB noted also that Power Root's competitors have raised prices more aggressively than the group, putting in position to capitalise on consumer downtrading under an inflationary environment.
"In addition, such dynamic renders it more room for cost pass through, if necessary," it said.
Post-results, RHB retained ts "buy" call and target price of RM2.60.
"We continue to like the stock for the efficiency hungry management team, established brand equity, and generous dividend payout," it said.