PhillipCapital analyst Vivian Ye has kept her “buy” call for furniture ODM manufacturer and brand owner Koda but with a lower target price of $1.10, after the company announced its 2HFY2021 ended June results on August 26.

Koda’s 2HFY2021 results beat Ye’s expectations, with full-year revenue and earnings amounting to 116% and 107% of her forecasts. “The outperformance came from higher-than-expected manufacturing sales,” she says in a August 30 research note. 

Koda’s 2HFY2021 revenue grew 65% y-o-y to US$43.1 million, while earnings surged more than 20 times to US$4.3 million, driven by higher export sales especially to North America, increased contributions from retail and distribution and improved gross margins.

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