$KEINHIN / 7199 (KEIN HING INTERNATIONAL BERHAD) - Recorded an all-time high revenue and profits in FY23. Can the momentum continue?
Close to 50% surge in revenue since 2020, which led to a corresponding strengthened in profit margins. Strong growth from Vietnam operations (overtaking M'sia), capacity expansion focused on Vietnam
Key risks: (i) Witnessed slowdown in 1H2024; and (ii) Impact to margins if MYR strengthens