M+S Hydraulic reported Oct’22 sales of BGN 19.4m (+40% YoY), which is 3.5% above the management expectations. Pre-tax earnings for the month surged 45.1% YoY to BGN 3.9m and monthly EBT margin increased to 19.9% (+0.7 p.p. YoY). Jan-Oct 2022 sales were BGN 180.5m, up 45.4% YoY, while pre-tax earnings for the period doubled YoY and reached BGN 32.4m on a margin of 18% (+4.9 p.p. YoY). Management forecasts Nov’22 revenue of BGN 21.1m (+44.1% YoY), which would result in 44.3% YoY growth of the YTD sales to BGN 201.6m.