[%admF%] 
Research by HLIB
Hold (Maintain) - Target Price of RM0.50

"Another commendable quarter"

Homeritz’ 1Q24 core PATAMI of RM8.2m (QoQ: +12.2%; YoY: +36.2%) came in above expectations, making up 30.3% and 31.2% of our and consensus full year forecasts. We increase our FY24/25 earnings by +7.7%/+5.8% to account for higher sales volume and introduce FY26 forecast. Homeritz’ recorded another commendable quarter on the back of higher sales volume, partially due to yearend festive sales. However, we remain cautious on this recovery as potentially sticky inflation could derail this. Maintain HOLD with a higher TP of RM0.50 pegged to 8x FY24 core EPS of 6.3 sen.


Analyst(s):
Tan Je Jyne
[%iVeb%]

$KLSE-HOMERIZ 
Research by HLIB
Hold (Maintain) - Target Price of RM0.50

"Another commendable quarter"

Homeritz’ 1Q24 core PATAMI of RM8.2m (QoQ: +12.2%; YoY: +36.2%) came in above expectations, making up 30.3% and 31.2% of our and consensus full year forecasts. We increase our FY24/25 earnings by +7.7%/+5.8% to account for higher sales volume and introduce FY26 forecast. Homeritz’ recorded another commendable quarter on the back of higher sales volume, partially due to yearend festive sales. However, we remain cautious on this recovery as potentially sticky inflation could derail this. Maintain HOLD with a higher TP of RM0.50 pegged to 8x FY24 core EPS of 6.3 sen.


Analyst(s):
Tan Je Jyne
jjtan@hlib.hongleong.com.my

$HOMERIZ / 5160 (HOMERITZ CORPORATION BERHAD)