[%Bebv%] 
Research by Public Investment Bank
Neutral – Target Price RM4.78

“Within Expectations”

DKSH’s 3QFY23 net profit was down 1.7% YoY to RM17.4m, dragged by the weaker performance from the Consumer Goods segment and higher operating expense. Cumulative 9MFY23 net profit of RM78.2m was in-line with our and consensus estimates, accounting for 76% and 70% of our full-year forecast respectively. For the coming quarter, we expect a seasonal uptick in sales, driven by festive year-end spending. However, we believe the overall consumer spending to remain weak due to inflationary pressure. As such, we maintain our Neutral call on DKSH, with a lower TP of RM4.78, based on a lower PE multiple of 7x FY24F EPS, in-line with its average 5-year forward PE (see figure 1).

Analyst:
Wong Ling Ling 
[%hxoy%]

$KLSE-DKSH 
Research by Public Investment Bank
Neutral – Target Price RM4.78

“Within Expectations”

DKSH’s 3QFY23 net profit was down 1.7% YoY to RM17.4m, dragged by the weaker performance from the Consumer Goods segment and higher operating expense. Cumulative 9MFY23 net profit of RM78.2m was in-line with our and consensus estimates, accounting for 76% and 70% of our full-year forecast respectively. For the coming quarter, we expect a seasonal uptick in sales, driven by festive year-end spending. However, we believe the overall consumer spending to remain weak due to inflationary pressure. As such, we maintain our Neutral call on DKSH, with a lower TP of RM4.78, based on a lower PE multiple of 7x FY24F EPS, in-line with its average 5-year forward PE (see figure 1).

Analyst:
Wong Ling Ling 
wong.lingling@publicinvestbank.com.my

$DKSH / 5908 (DKSH HOLDINGS (MALAYSIA) BERHAD)