[%stqB%] 
Research by Kenanga
Outperform - TP of RM0.74

"A Soft Patch, Fundamentals Intact"

NOVA’s 1HFY24 results disappointed, we believe, as consumers temporarily held back purchases on weak spending sentiment. However, we are still upbeat on its prospects driven by a gradual production ramp-up at its new plant. We cut our FY24-25F net profit forecasts by 12% and 14%, respectively, reduce our TP by 12% to RM0.74 (from RM0.84) but reiterate our OUTPERFORM call. 

Analyst(s):
Raymond Choo Ping Khoon
 [%AOKI%]

$KLSE-NOVA 
Research by Kenanga
Outperform - TP of RM0.74

"A Soft Patch, Fundamentals Intact"

NOVA’s 1HFY24 results disappointed, we believe, as consumers temporarily held back purchases on weak spending sentiment. However, we are still upbeat on its prospects driven by a gradual production ramp-up at its new plant. We cut our FY24-25F net profit forecasts by 12% and 14%, respectively, reduce our TP by 12% to RM0.74 (from RM0.84) but reiterate our OUTPERFORM call. 

Analyst(s):
Raymond Choo Ping Khoon
 pkchoo@kenanga.com.my

$NOVA / 0201 (NOVA WELLNESS GROUP BERHAD)