[%OJqc%]
Research by Kenanga
Outperform – TP of RM1.06

“A Postcard from Hat Yai”

We visited KAREX’s plant in Hat Yai, Thailand, which has access to labour and input latex at lower costs and enjoys attractive investment allowances and a lower corporate tax, as compared to its three plants in Malaysia. KAREX’s plan to put onto the market a new product, i.e. synthetic condoms, is on track. We maintain our forecasts, TP of RM1.06 and OUTPERFORM call. 

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

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

“A Postcard from Hat Yai”

We visited KAREX’s plant in Hat Yai, Thailand, which has access to labour and input latex at lower costs and enjoys attractive investment allowances and a lower corporate tax, as compared to its three plants in Malaysia. KAREX’s plan to put onto the market a new product, i.e. synthetic condoms, is on track. We maintain our forecasts, TP of RM1.06 and OUTPERFORM call. 

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