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Research by Public Investment Bank
Ceasing Coverage

"Ceasing Coverage"

N2N reported a headline 1QFY23 net profit of RM2.9m (-26.4% YoY, -55.3% QoQ), the weaker numbers coming as a result of lower revenue recorded during the quarter. Lower one-time implementation revenue and transaction-based revenue in the current quarter was the primary cause. Amid an increasingly uncertain global economic environment, securities market transactions are anticipated to be subdued in the months ahead. We had temporarily suspended coverage since 2018 (last published report dated 7 June, 2018), and are now formalizing the cessation on a permanent basis as we also redeploy internal resources to broaden sector coverage. Our last call and target price are Outperform and RM1.65.

Analyst:
Ching Weng Jin
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$KLSE-N2N
Research by Public Investment Bank
Ceasing Coverage

"Ceasing Coverage"

N2N reported a headline 1QFY23 net profit of RM2.9m (-26.4% YoY, -55.3% QoQ), the weaker numbers coming as a result of lower revenue recorded during the quarter. Lower one-time implementation revenue and transaction-based revenue in the current quarter was the primary cause. Amid an increasingly uncertain global economic environment, securities market transactions are anticipated to be subdued in the months ahead. We had temporarily suspended coverage since 2018 (last published report dated 7 June, 2018), and are now formalizing the cessation on a permanent basis as we also redeploy internal resources to broaden sector coverage. Our last call and target price are Outperform and RM1.65.

Analyst:
Ching Weng Jin
research@publicinvestbank.com.my