[%oYAB%] 
Research by RHB
Buy (Maintain) – Target Price RM0.85

“A Slower 4Q, a Likely Comeback in FY24; BUY”

BUY, new MYR0.85 TP from MYR0.98, 14% upside with c.1% FY24F yield. JHM Consolidation’s 9M23 core earnings of MYR10.4m (-10.1% YoY) beat our estimate but missed the Street projection, due to higher-than expected margins. Lower revenue from the industrial unit and narrower margins dragged its YoY profitability. While we expect its 4Q23 numbers to tone down amid the United Auto Workers (UAW) strike in the US, investors’ likely tepid outlook may engender a potential rebound in 2024 – supported by a recovery in the industrial segment and new customer contributions.

Analyst:
Lee Meng Horng 
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$KLSE-JHM 
Research by RHB
Buy (Maintain) – Target Price RM0.85

“A Slower 4Q, a Likely Comeback in FY24; BUY”

BUY, new MYR0.85 TP from MYR0.98, 14% upside with c.1% FY24F yield. JHM Consolidation’s 9M23 core earnings of MYR10.4m (-10.1% YoY) beat our estimate but missed the Street projection, due to higher-than expected margins. Lower revenue from the industrial unit and narrower margins dragged its YoY profitability. While we expect its 4Q23 numbers to tone down amid the United Auto Workers (UAW) strike in the US, investors’ likely tepid outlook may engender a potential rebound in 2024 – supported by a recovery in the industrial segment and new customer contributions.

Analyst:
Lee Meng Horng 
lee.meng.horng@rhbgroup.com