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high quality apple developer account:Exceptional earnings ahead for D&O Green Tech


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,KUALA LUMPUR: Record-breaking earnings could be in store for D&O Green Technologies Bhd given expectations that the demand surge for its automotive LEDs will continue for the foreseeable future.Kenanga Research expects the group to deliver exceptional earnings in FY21 with each quarter posting strong year-on-year (y-o-y) growth."This will be driven by the increasing LED content per vehicle as well as the adoption of the group’s proprietary smart LED in EVs and autonomous vehicles which are still at the introduction stage of their life-cycles, indicating ample room for growth," it said.In China, car sales growth has extended to 10 straight months since the rebound from Covid-19 in May 2020.China car sales growth surged to 410% y-o-y in February with 1.16 million units sold."While the bullish numbers are partly due to a low-base effect in Feb 2020 (start of Covid-19), it still recorded a positive growth of 2.7% YoY when compared to Feb 2019."Demand for automotive continued to be driven by the premium segment, largely centred on sport utility (SUV) and crossovers vehicles," said Kenanga.Meanwhile, D&O is preparing for a multi-year spurt by expanding its Plant 1 capacity by 25% in the second half of the year, prepping its Plant A for Smart LED production in 2022 and planning a new Plant B for other cutting-edge exterior products to be ready in 2023."D&O’s continuous efforts in product innovation, and to expand its global presence are starting to bear fruits as the group managed to maintain a healthy level of design-wins despite the pandemic."In addition, being one of the only two vendors in the world capable of offering full automotive LED solutions has made the group a go-to-source among Tier 1 customers," said Kenanga.D&O is currently running at maximum capacity despite the typical seasonality.Kenanga raised its FY21 and FY22 core Patami forecast by 31% and 20% to RM131.4mil and RM145.8mil respectively in anticipation of heightened demand for automotive LED.It kept its "outperform" recommendation on the stock with a higher target price of RM5.50, from RM4.20 previously, based on FY21 price-earnings of 48x.


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