[%KWQh%] 
Research by RHB
Neutral (from Sell) – TP of MYR1.13

“Solid End To FY23; Upgrade To NEUTRAL”

U/G to NEUTRAL from Sell, new MYR1.13 TP (DCF) from MYR0.90, 2% downside. FY23 earnings and dividends exceeded our expectations, due to our previous conservative forecasts. We upgrade our recommendation as we see limited downside to valuations after lifting our forecasts. We believe number forecast operators (NFOs) will see a high degree of defensiveness thanks to the yields and relatively inelastic demand from punters. 

Analyst(s):
Tai Yu Jie 
[%FYjd%] 
Lee Meng Horng 
[%Wplu%]

$KLSE-MAGNUM 
Research by RHB
Neutral (from Sell) – TP of MYR1.13

“Solid End To FY23; Upgrade To NEUTRAL”

U/G to NEUTRAL from Sell, new MYR1.13 TP (DCF) from MYR0.90, 2% downside. FY23 earnings and dividends exceeded our expectations, due to our previous conservative forecasts. We upgrade our recommendation as we see limited downside to valuations after lifting our forecasts. We believe number forecast operators (NFOs) will see a high degree of defensiveness thanks to the yields and relatively inelastic demand from punters. 

Analyst(s):
Tai Yu Jie 
tai.yu.jie@rhbgroup.com 
Lee Meng Horng 
lee.meng.horng@rhbgroup.com