[%DtgJ%]
Research by Kenanga
Outperform – Target Price RM6.03

“A Soft Patch, OTC to Drive Earnings”

KOTRA’s 1QFY24 results disappointed as consumers held back purchases, having overstocked right after the economy reopening. However, we remain upbeat on KOTRA driven by a growing domestic over-the-counter (OTC) market. We cut our FY24-25F net profit forecasts by 14% and 13%, respectively, reduce our TP by 14% to RM6.03 (from RM7.00) but reiterate our OUTPERFORM call.

Analyst:
Raymond Choo Ping Khoon 
[%mrVK%]

$KLSE-KOTRA
Research by Kenanga
Outperform – Target Price RM6.03

“A Soft Patch, OTC to Drive Earnings”

KOTRA’s 1QFY24 results disappointed as consumers held back purchases, having overstocked right after the economy reopening. However, we remain upbeat on KOTRA driven by a growing domestic over-the-counter (OTC) market. We cut our FY24-25F net profit forecasts by 14% and 13%, respectively, reduce our TP by 14% to RM6.03 (from RM7.00) but reiterate our OUTPERFORM call.

Analyst:
Raymond Choo Ping Khoon 
pkchoo@kenanga.com.my