Goodpack

Goodpack: Results slightly missed forecasts due to lower-than-expected box rentals. Net profit at US$11.5m was up 8% qoq +8.6% yoy. Costs were managed well with operating expenses flat qoq despite higher fuel pries. Demand is expected to remain stable as logistics for rubber from the automotive industry increases as global motor sales improve. Coupled with cost control initiatives, this is expected to improve margins and contribute to bottomline growth. Co has also made inroads into Russia by securing a contract with Sibur, a synthetic rubber producer. OCBC upgrades to Hold from Sell with TP$1.70 unchanged CIMB maintains Outperform with TP$1.93