[%rkWA%] 
Research by Malacca Securities
BUY - TP of RM2.60

"9MFY24 Results Came In Within Expectation"

Results came in within expectations. For 3QFY24, ASIAFLE recorded core earnings of RM13.8m (+100.4% QoQ, +115.2% YoY), translating to a sum of RM36.6m (+64.4% YoY) for 9MFY24. The core PATMI came in within expectations, accounting to 72.3% of our forecast (consensus forecast stood at RM39.4m). A second interim dividend of 3.5 sen per share was declared (ex-date: 30-Apr-2024).

In view of the softer recovery from China amid the struggling property sector, weaker consumption activities as well as slowing exports may have negative impacts on the overall business sentiment. However, ASIAFLE will embark and intensify the sales penetration on various digital platforms and focus on improving productivity and efficiency in protecting its operating margin.

Analyst(s):
Loui Low 
[%Jzit%] 
(603) 2201 2100

$KLSE-ASIAFLE 
Research by Malacca Securities
BUY - TP of RM2.60

"9MFY24 Results Came In Within Expectation"

Results came in within expectations. For 3QFY24, ASIAFLE recorded core earnings of RM13.8m (+100.4% QoQ, +115.2% YoY), translating to a sum of RM36.6m (+64.4% YoY) for 9MFY24. The core PATMI came in within expectations, accounting to 72.3% of our forecast (consensus forecast stood at RM39.4m). A second interim dividend of 3.5 sen per share was declared (ex-date: 30-Apr-2024).

In view of the softer recovery from China amid the struggling property sector, weaker consumption activities as well as slowing exports may have negative impacts on the overall business sentiment. However, ASIAFLE will embark and intensify the sales penetration on various digital platforms and focus on improving productivity and efficiency in protecting its operating margin.

Analyst(s):
Loui Low 
louilow@msec.com.my 
(603) 2201 2100

$ASIAFLE / 7129 (ASIA FILE CORPORATION BHD)