[%JJFM%] 
Research by Kenanga
Outperform - Tp of RM1.06

"Playing the Margin Card"

KAREX’s 1HFY24 results beat expectations with record margins,  driven by a favourable product mix. It is riding on higher-margin  products on a positive global condom demand growth trajectory.  We raise our FY24-25F net profit forecasts by 6% each, lift our TP  by 6% to RM1.06 (from RM1.00) and maintain our OUTPERFORM  call.  

Analyst(s):
Cheow Ming Liang
[%YMMB%]

$KLSE-KAREX 
Research by Kenanga
Outperform - Tp of RM1.06

"Playing the Margin Card"

KAREX’s 1HFY24 results beat expectations with record margins,  driven by a favourable product mix. It is riding on higher-margin  products on a positive global condom demand growth trajectory.  We raise our FY24-25F net profit forecasts by 6% each, lift our TP  by 6% to RM1.06 (from RM1.00) and maintain our OUTPERFORM  call.  

Analyst(s):
Cheow Ming Liang
cheowml@kenanga.com