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Research by RHB
Buy (Maintain) – Target Price RM5.40

“Potential Benefit From Spike In COVID-19 Infections”

BUY, new TP of MYR5.40 from MYR5.60, 16% upside with c.5% FY25 (Jun) yield. Kotra Industries (Kotra) should be a major beneficiary of pent-up consumer demand for neutraceutical products amid the recent resurgence of COVID-19 cases. Its over-the-counter (OTC) products (c.60% of its topline) offer immunity benefits to consumers at different stages of life. The stock is trading at 10x FY24F P/E, in line with its historical mean. We trim our ESG score to 3.1 from 3.2, after revisiting the metrics for all three pillars.

Analyst:
Malaysia Research 
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$KLSE-KOTRA 
Research by RHB
Buy (Maintain) – Target Price RM5.40

“Potential Benefit From Spike In COVID-19 Infections”

BUY, new TP of MYR5.40 from MYR5.60, 16% upside with c.5% FY25 (Jun) yield. Kotra Industries (Kotra) should be a major beneficiary of pent-up consumer demand for neutraceutical products amid the recent resurgence of COVID-19 cases. Its over-the-counter (OTC) products (c.60% of its topline) offer immunity benefits to consumers at different stages of life. The stock is trading at 10x FY24F P/E, in line with its historical mean. We trim our ESG score to 3.1 from 3.2, after revisiting the metrics for all three pillars.

Analyst:
Malaysia Research 
research.my.equity@rhbgroup.com