$CSCSTEL / 5094 (CSC STEEL HOLDINGS BERHAD)
Research by TA
Buy - TP of RM1.41

"Gradual Easing Headwinds Ahead"

Excluding the provision for the inventories written down of RM3.3mn, CSCSTEL’s FY23 results missed our expectations as its core earnings of RM46.2mn (+174.6% YoY) made up only 82.2% of our full-year estimate. The negative variance was mainly attributed to lower-than-expected selling price and sales volume.

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