[%MRnv%] 
Research by TA Securities
Sell – Target Price RM0.23

“Higher Operating Costs Weighed”

Following the earnings revision, we lower our TP to RM0.23 (from RM0.28) based on the SOP valuation. Maintain Sell call due to the stretched valuation.

Analyst:
Raymond Ng Ing Yeow 
[%CLGz%]

$KLSE-GADANG 
Research by TA Securities
Sell – Target Price RM0.23

“Higher Operating Costs Weighed”

Following the earnings revision, we lower our TP to RM0.23 (from RM0.28) based on the SOP valuation. Maintain Sell call due to the stretched valuation.

Analyst:
Raymond Ng Ing Yeow 
raymondng@ta.com.my