[%aAcB%] 
Research by Kenanga
Outperform - TP of RM4.00

"Ends FY23 on a High Note, Bright FY24"

PIE’s FY23 results beat expectations. Its 4QFY23 core net profit jumped 38% QoQ thanks to resilient orders and write-backs. It is poised for a strong FY24 with the onboarding of four new customers and robust orders from existing customers. We raise our FY24F net profit forecast by 5%, lift our TP by 5% to RM4.00 (from RM3.80) and maintain our OUTPERFORM call.

Analyst(s):
Samuel Tan
[%gwpp%]

$KLSE-PIE 
Research by Kenanga
Outperform - TP of RM4.00

"Ends FY23 on a High Note, Bright FY24"

PIE’s FY23 results beat expectations. Its 4QFY23 core net profit jumped 38% QoQ thanks to resilient orders and write-backs. It is poised for a strong FY24 with the onboarding of four new customers and robust orders from existing customers. We raise our FY24F net profit forecast by 5%, lift our TP by 5% to RM4.00 (from RM3.80) and maintain our OUTPERFORM call.

Analyst(s):
Samuel Tan
samueltan@kenanga.com.my