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Kossan briefing update from RHB Research

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*Kossan briefing update*

*1. 427 workers are COVID-19 positive.* Kossan shared that 427 of its employees are tested positive. Note that Kossan has started testing its 7004 workers from 4-10 December.

*2. Action taken by Kossan* The Company has transported the positive cases to hospitals as per Ministry of Health’s instruction. A thorough disinfection of all areas where the affected individuals have been present has also been carried out. For those under quarantine due to close contact, a second PCR test will be done on 16 and 17 Dec with the result to be known on 18-Dec.

*3. Plans to test 20% of its workers every 2 weeks going forward*. The Company believes that this is necessary as all of its employees who are tested COVID-19 positive are asymptomatic.

*4. Accommodation space for workers exceed ILO standard* Kossan shared that its average accommodation space per worker is 46 sq ft. This is above the requirement of 38.75 sq ft per worker set by International Labour Organization (ILO).

*5. About 1% of total annual output volume affected*. 25% if its capacity is affected for 2 weeks. This works out to be around 0.96% of total annual output. Earnings impact is estimated to be around 2% of FY20 earnings.

*RHB Research*

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15/12/2020 3:00 PM

paperplane *ASP updates*
3Q20: USD31/k pcs (+40-42% QoQ)
4Q20E: USD50-60/k pcs (+77% QoQ) - ASP from management
1Q20E: USD80/k pcs (+33-60% QoQ) - ASP from management

15/12/2020 3:01 PM


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