[%BXdg%] 
Research by RHB
Not Rated - TP N/A

"Ceasing Coverage"

We are ceasing coverage on GDEX, as the group continues to be loss-making for seven quarters now. We maintain the view that obstacles in the last-mile delivery sector may persist, keeping margins under pressure due to the sector’s enduring price war and subdued demand following the resurgence of physical retail businesses.

Analyst(s):
Nai Wan Yan
[%fNEl%]

$KLSE-GDEX 
Research by RHB
Not Rated - TP N/A

"Ceasing Coverage"

We are ceasing coverage on GDEX, as the group continues to be loss-making for seven quarters now. We maintain the view that obstacles in the last-mile delivery sector may persist, keeping margins under pressure due to the sector’s enduring price war and subdued demand following the resurgence of physical retail businesses.

Analyst(s):
Nai Wan Yan
nai.wan.yan@rhbgroup.com