[%lvBh%] 
Research by MIDF
Buy – TP of MYR0.43

“Earnings Dragged by Lower Margin”

Glomac Berhad (Glomac) 9MFY24 core net income of RM4.3m came in slightly below consensus expectation but deemed within our expectation despite it makes up 60% of our full year forecast as we expect stronger earnings in 4Q as historically 4Q is a stronger quarter while progress billing is expected to pick up. 

Analyst(s):
Jessica Low Jze Tieng
[%JRVL%]

$KLSE-GLOMAC 
Research by MIDF
Buy – TP of MYR0.43

“Earnings Dragged by Lower Margin”

Glomac Berhad (Glomac) 9MFY24 core net income of RM4.3m came in slightly below consensus expectation but deemed within our expectation despite it makes up 60% of our full year forecast as we expect stronger earnings in 4Q as historically 4Q is a stronger quarter while progress billing is expected to pick up. 

Analyst(s):
Jessica Low Jze Tieng
jessica.low@midf.com.my