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

“Results Missed on Weaker-Than-Expected Demand”

- In all, we maintain our Hold recommendation on Elsoft with an unchanged TP of RM0.58 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 
[%bvZe%]

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

“Results Missed on Weaker-Than-Expected Demand”

- In all, we maintain our Hold recommendation on Elsoft with an unchanged TP of RM0.58 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