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Fortress Minerals still a 'buy' for PhillipCapital after strong 3Q21 results

Lim Hui Jie
Lim Hui Jie1/18/2021 02:38 PM GMT+08  • 3 min read
Fortress Minerals still a 'buy' for PhillipCapital after strong 3Q21 results
PhillipCapital has maintained a “buy” call on Fortress Minerals with a higher target price of 47 cents, up from 28 cents.
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PhillipCapital’s Vivian Ye has maintained her “buy” call on Fortress Minerals (FML) with a higher target price of 47 cents, up from the previous figure of 28 cents.

She noted that FML’s 3QFY2021 results beat her expectations as the quarter’s revenue surged 150.9% y-o-y while profit after tax and minority interests (PATMI) spiked 477.9% y-o-y.

3QFY2021 operating cash flow also increased, with the figure of US$11.7million ($15.5 million) about seven times the US$1.6 million achieved a year ago.

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