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Research by PIB
Outperform – TP of MYR 2.67

“A Decent Start" 

Excluding the impact of i) foreign exchange (FX) gain (RM10.5m) and ii) losses from minority interest in 90%-owned Mi Equipment Korea (RM0.4m), Mi Technovation saw its 1QFY24 core earnings surge +117.5% YoY to RM17.4m The encouraging results were in line with our and consensus full-year expectations, making up 22.6% and 23.4%, respectively. Losses from the Korean operations shrank substantially – we believe MI has successfully delivered the first laser assisted bonding equipment. Nevertheless, we lower FY24-26F earnings by 7%-9% after imputing a more conservative stance on equipment deliveries. Maintain Outperform with a new TP of RM2.67 after rolling over our valuations to FY25F. No dividend was declared for the quarter.

Analyst(s):
Chong Hoe Leong
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$KLSE-MI
Research by PIB
Outperform – TP of MYR 2.67

“A Decent Start" 

Excluding the impact of i) foreign exchange (FX) gain (RM10.5m) and ii) losses from minority interest in 90%-owned Mi Equipment Korea (RM0.4m), Mi Technovation saw its 1QFY24 core earnings surge +117.5% YoY to RM17.4m The encouraging results were in line with our and consensus full-year expectations, making up 22.6% and 23.4%, respectively. Losses from the Korean operations shrank substantially – we believe MI has successfully delivered the first laser assisted bonding equipment. Nevertheless, we lower FY24-26F earnings by 7%-9% after imputing a more conservative stance on equipment deliveries. Maintain Outperform with a new TP of RM2.67 after rolling over our valuations to FY25F. No dividend was declared for the quarter.

Analyst(s):
Chong Hoe Leong
chonghoeleong@publicinvestbank.com.my