$CHINWEL / 5007 (CHIN WELL HOLDINGS BERHAD)
Research by TA
Sell - TP of RM1.11

"Disappointing 1HFY24 Results"

 We expect the group’s outlook in the upcoming quarters to remain uncertain. The outbreak of the Israel-Hamas war, the ongoing UkraineRussia conflict, escalating tensions in US-China relations, and the looming possibility of a recession in major markets have collectively adversely impacted global economic sentiment. This, in turn, has dampened the global demand for fastener products.
 Despite uncertainties, we anticipate a gradual improvement in the outlook, driven by the expected restart of major infrastructure construction projects in Malaysia.

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