[%FaFS%] 
Research by Kenanga
Outperform - TP of RM5.90

"A Soft Patch, Pinning Hopes on OTC"

KOTRA’s 1HFY24 results disappointed as consumers held back purchases on weak spending sentiment. However, we remain upbeat on KOTRA, driven by a growing domestic over-the-counter (OTC) market. We cut our FY24-25F net profit forecasts by 16% and 9%, respectively, reduce our TP by 2% to RM5.90 (from RM6.03) but reiterate our OUTPERFORM call.

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

$KLSE-KOTRA 
Research by Kenanga
Outperform - TP of RM5.90

"A Soft Patch, Pinning Hopes on OTC"

KOTRA’s 1HFY24 results disappointed as consumers held back purchases on weak spending sentiment. However, we remain upbeat on KOTRA, driven by a growing domestic over-the-counter (OTC) market. We cut our FY24-25F net profit forecasts by 16% and 9%, respectively, reduce our TP by 2% to RM5.90 (from RM6.03) but reiterate our OUTPERFORM call.

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