[%cHjv%] 
Research by Kenanga
Outperform – TP of MYR 5.35

“Operating Performance Improves QoQ” 

KOTRA’s 9MFY24 results disappointed. Its 9MFY24 core net profit declined 39% on reduced sales and the resulting deterioration of operating scale, coupled with a higher tax. However, we remain upbeat on KOTRA given recovering consumer spending. We cut our FY24-25F net profit forecasts by 13% and 9%, respectively, reduce our TP by 9% to RM5.35 (from RM5.90) but reiterate our OUTPERFORM call.

Analyst(s):
Raymond Choo Ping Khoon 
[%lvbW%]

$KLSE-KOTRA 
Research by Kenanga
Outperform – TP of MYR 5.35

“Operating Performance Improves QoQ” 

KOTRA’s 9MFY24 results disappointed. Its 9MFY24 core net profit declined 39% on reduced sales and the resulting deterioration of operating scale, coupled with a higher tax. However, we remain upbeat on KOTRA given recovering consumer spending. We cut our FY24-25F net profit forecasts by 13% and 9%, respectively, reduce our TP by 9% to RM5.35 (from RM5.90) but reiterate our OUTPERFORM call.

Analyst(s):
Raymond Choo Ping Khoon 
pkchoo@kenanga.com.my