[%lOGd%] 
Research by RHB
Neutral – TP of MYR 5.00

“In Rough Water; Downgrade To NEUTRAL” 

9HFY24 (Jun) earnings came in below our and Street’s expectations – attributed to the slowdown in consumer demand for supplement products in the local market. While Malaysia’s economic growth is set to accelerate in 2Q24 and 3Q24 (as suggested by our economics team), we think Kotra Industries’ near-term earnings recovery should remain choppy, given the potentially higher effective tax (in the absence of tax losses to be recognised moving forward) and slowing consumption trend.

Analyst(s):
Oong Chun Sung
[%awRh%]

$KLSE-KOTRA 
Research by RHB
Neutral – TP of MYR 5.00

“In Rough Water; Downgrade To NEUTRAL” 

9HFY24 (Jun) earnings came in below our and Street’s expectations – attributed to the slowdown in consumer demand for supplement products in the local market. While Malaysia’s economic growth is set to accelerate in 2Q24 and 3Q24 (as suggested by our economics team), we think Kotra Industries’ near-term earnings recovery should remain choppy, given the potentially higher effective tax (in the absence of tax losses to be recognised moving forward) and slowing consumption trend.

Analyst(s):
Oong Chun Sung
chun.sung@rhbgroup.com