[%rHwi%]
Research by Malacca Securities
Sell (from Hold) – Target Price RM0.57

“Started FY24 on a weaker note”

Downgrade to SELL, TP: RM0.57. With the downward revision in our earnings forecast, we downgrade NOVA to SELL (from Hold), with a target price of RM0.57 (from RM0.73) pegged to FY24f forecasted earnings. The target price is derived by ascribing a P/E of 14.0x to FY24f EPS of 4.07 sen. Meanwhile, NOVA has a dividend policy of distributing not less than 30.0% of its annual net profit after tax.

Analyst:
Loui Low Ley Yee 
[%kLJo%]

$KLSE-NOVA
Research by Malacca Securities
Sell (from Hold) – Target Price RM0.57

“Started FY24 on a weaker note”

Downgrade to SELL, TP: RM0.57. With the downward revision in our earnings forecast, we downgrade NOVA to SELL (from Hold), with a target price of RM0.57 (from RM0.73) pegged to FY24f forecasted earnings. The target price is derived by ascribing a P/E of 14.0x to FY24f EPS of 4.07 sen. Meanwhile, NOVA has a dividend policy of distributing not less than 30.0% of its annual net profit after tax.

Analyst:
Loui Low Ley Yee 
louilow@msec.com.my

$NOVA / 0201 (NOVA WELLNESS GROUP BERHAD)