[%VuUw%] 
Research by PB
Outperform - TP of RM2.57

"On the Dot"

Excluding the impact of i) foreign exchange (FX) gain (RM10m), ii) losses from  minority interest in 70%-owned Mi Equipment Korea (RM2.4m) and withholding  tax of RM3.6m in relation to the dividend received from its Taiwan subsidiary,  Mi Technovation posted core earnings of RM48.8m in FY23, down 11.1% YoY. 

The results were in line with our full-year expectation but it missed market  expectations, making up 100% and 90% of full-year numbers, respectively. The  results would have been even better if not because of the start-up cost totaling  RM1.5m incurred under Semiconductor Solution Business Unit (SSBU). On a positive note, the 4Q core results improved by 33% QoQ, a third consecutive  quarterly growth. Maintain Outperform with an unchanged TP of RM2.57  based on 30x FY24 EPS. A second interim DPS of 2sen was declared for the  final quarter. 

Analyst(s):
Chong Hoe Leong 
[%WFTs%]

$KLSE-MI 
Research by PB
Outperform - TP of RM2.57

"On the Dot"

Excluding the impact of i) foreign exchange (FX) gain (RM10m), ii) losses from  minority interest in 70%-owned Mi Equipment Korea (RM2.4m) and withholding  tax of RM3.6m in relation to the dividend received from its Taiwan subsidiary,  Mi Technovation posted core earnings of RM48.8m in FY23, down 11.1% YoY. 

The results were in line with our full-year expectation but it missed market  expectations, making up 100% and 90% of full-year numbers, respectively. The  results would have been even better if not because of the start-up cost totaling  RM1.5m incurred under Semiconductor Solution Business Unit (SSBU). On a positive note, the 4Q core results improved by 33% QoQ, a third consecutive  quarterly growth. Maintain Outperform with an unchanged TP of RM2.57  based on 30x FY24 EPS. A second interim DPS of 2sen was declared for the  final quarter. 

Analyst(s):
Chong Hoe Leong 
chonghoeleong@publicinvestbank.com.my