[%ohOI%] 
Research by Kenanga
Outperform - TP of RM1.00

"It Pays to Play Safe"

KAREX is riding on the strong growth in the condom industry, focusing on high-margin products which will take its profitability to a higher level. It is penetrating high-growth markets with premium offerings backed by innovation and strict compliance with
international standards. We project its earnings to double in FY24, followed by another 88% surge in FY25. We initial coverage on KAREX with an OUTPERFORM rating and a TP of RM1.00.

Analyst:
Cheow Ming Liang  
[%JTrc%]

$KLSE-KAREX 
Research by Kenanga
Outperform - TP of RM1.00

"It Pays to Play Safe"

KAREX is riding on the strong growth in the condom industry, focusing on high-margin products which will take its profitability to a higher level. It is penetrating high-growth markets with premium offerings backed by innovation and strict compliance with
international standards. We project its earnings to double in FY24, followed by another 88% surge in FY25. We initial coverage on KAREX with an OUTPERFORM rating and a TP of RM1.00.

Analyst:
Cheow Ming Liang  
Cheowml@kenanga.com.my