Stock Digest - Asia File Corporation Bhd - Integrated Filing And Consumer Ware Products Manufacturer

Asia File Corporation Berhad (ASIAFLE) started off since 1980s and is now evolved into a leading file manufacturer with Europe being its core market, followed by Malaysia, leveraging on its manufacturing facilities in Malaysia and Europe as well as a series of reputable brand names and patented products. Its consumer ware division has grown from RM0.3m to RM48.6m in less than 5 years is eyeing for new products launch and overseas expansion. We initiate coverage on ASIAFLE with a HOLD call and fair value of RM1.86, based on 10.0x P/E pegged to its forward FY23f EPS of 18.6 sen.