[%CMkq%] 
Research by TA Securities
Hold – Target Price RM0.58

“Weak Demand Weighs on Earnings”

-	Corresponding to our earnings upgrade, we arrive at a slightly higher TP of RM0.58 (previously RM0.575) based on a PE multiple of 24.0x against CY24F EPS. Maintain Hold. We would view rerating catalysts to include stronger-than-expected demand for its ATE and burn-in systems, as well as traction with the acquisition of Xyrius, and the commercialisation of embedded controllers designated for peritoneal dialysis machines. 
-	Key risks include lower-than-expected demand for ATE and geopolitical tensions weighing on economic growth and disrupting supply chains.

Analyst:
Wilson Loo, CFA 
[%kDlL%]

$KLSE-ELSOFT 
Research by TA Securities
Hold – Target Price RM0.58

“Weak Demand Weighs on Earnings”

-	Corresponding to our earnings upgrade, we arrive at a slightly higher TP of RM0.58 (previously RM0.575) based on a PE multiple of 24.0x against CY24F EPS. Maintain Hold. We would view rerating catalysts to include stronger-than-expected demand for its ATE and burn-in systems, as well as traction with the acquisition of Xyrius, and the commercialisation of embedded controllers designated for peritoneal dialysis machines. 
-	Key risks include lower-than-expected demand for ATE and geopolitical tensions weighing on economic growth and disrupting supply chains.

Analyst:
Wilson Loo, CFA 
wilsonloo@ta.com.my