[%zMyV%] 
Research by PIB
Outperform – TP of MYR 2.67

“Key Takeaways from Meeting” 

At its post-result briefing, management stressed that it wants to adopt a more conservative approach as it remains doubtful over the long-term recovery of the industry due to various uncertainties. It is worth noting that more than 76% of its 1QFY24 revenue was linked to the smartphone industry, which is on track for recovery this year. Overall, we expect to see significant improvements this year on the back of a turnaround in regional operations and better earnings contribution from MI Equipment China. Maintain Outperform with an unchanged TP of RM2.67.

Analyst(s):
Chong Hoe Leong
[%HPAg%]

$KLSE-MI 
Research by PIB
Outperform – TP of MYR 2.67

“Key Takeaways from Meeting” 

At its post-result briefing, management stressed that it wants to adopt a more conservative approach as it remains doubtful over the long-term recovery of the industry due to various uncertainties. It is worth noting that more than 76% of its 1QFY24 revenue was linked to the smartphone industry, which is on track for recovery this year. Overall, we expect to see significant improvements this year on the back of a turnaround in regional operations and better earnings contribution from MI Equipment China. Maintain Outperform with an unchanged TP of RM2.67.

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