$WELLCAL / 7231 (WELLCALL HOLDINGS BERHAD)
Research by Apex
Buy - TP of RM2.04

"Broadly within expectations"

• 3MFY24 core net profit at RM13.7m came broadly within expectations, accounting to 24.3% of our core net profit forecast.
• Fluctuation in margins due to higher shipping cost and disruption in feedstock supply will be cushioned by gradual rising demand.
• Re-iterate our BUY recommendation on WELLCAL with a higher target price of RM2.04, by pegging 18.0x P/E multiple to FY24F EPS of 11.3 sen.

Analyst(s):
Kenneth Leong
kennethleong@apexsecurities.com.my