[%wgrN%] 
Research by TA
Sell - Target Price RM0.35

"Weighed by Weaker Revenue and Higher Opex"

Corresponding to our earnings downgrade, our TP for N2N is revised 
lower to RM0.35 (previously RM0.37) based on a target PE of 17.0x against 
CY24F EPS, which is >-2.0SD to the stock’s 3-year average PE of 27.1x. 
Maintain Sell. The key rerating catalyst for the stock includes a pickup in 
trading activity and traction with the group’s Asia Trading Hub. 

Analyst:
Wilson Loo, CFA 
[%RSFb%]

$KLSE-N2N 
Research by TA
Sell - Target Price RM0.35

"Weighed by Weaker Revenue and Higher Opex"

Corresponding to our earnings downgrade, our TP for N2N is revised 
lower to RM0.35 (previously RM0.37) based on a target PE of 17.0x against 
CY24F EPS, which is >-2.0SD to the stock’s 3-year average PE of 27.1x. 
Maintain Sell. The key rerating catalyst for the stock includes a pickup in 
trading activity and traction with the group’s Asia Trading Hub. 

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