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Research by Apex
Buy – Target Price RM1.92

“Another commendable quarter”

• 12MFY23 core net profit at RM48.7m came slightly ahead of our expectations, accounting to 104.8% of our core net profit forecast. 
• Expansions remain on track with line expansion in Plant 3 is schedule for completion by end-1Q24, while demand is expected to remain fairly solid from oil & gas, automotive and critical industries. 
• Re-iterate our BUY recommendation on WELLCAL with a higher target price of RM1.92, by pegging 17.0x P/E multiple to FY24F EPS of 11.3 sen.

Analyst:
Kenneth Leong 
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$KLSE-WELLCAL
Research by Apex
Buy – Target Price RM1.92

“Another commendable quarter”

• 12MFY23 core net profit at RM48.7m came slightly ahead of our expectations, accounting to 104.8% of our core net profit forecast. 
• Expansions remain on track with line expansion in Plant 3 is schedule for completion by end-1Q24, while demand is expected to remain fairly solid from oil & gas, automotive and critical industries. 
• Re-iterate our BUY recommendation on WELLCAL with a higher target price of RM1.92, by pegging 17.0x P/E multiple to FY24F EPS of 11.3 sen.

Analyst:
Kenneth Leong 
kennethleong@apexsecurities.com.my

$WELLCAL / 7231 (WELLCALL HOLDINGS BERHAD)