[%fLSF%] 
Research by Kenanga
Outperform – TP of MYR 0.70

“A Soft Patch, New SKUs to Drive Growth” 

NOVA’s 9MFY24 results disappointed. Its 9MFY24 core net profit declined 18% on reduced sales and the resulting deterioration of operating scale. However, we remain upbeat on its prospects driven by higher production at its new plant and the recovery in consumer spending. We cut our FY24-25F net profit forecasts by 16% and 15%, respectively, reduce our TP by 5% to RM0.70 (from RM0.74) but reiterate our OUTPERFORM call.

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

$KLSE-NOVA 
Research by Kenanga
Outperform – TP of MYR 0.70

“A Soft Patch, New SKUs to Drive Growth” 

NOVA’s 9MFY24 results disappointed. Its 9MFY24 core net profit declined 18% on reduced sales and the resulting deterioration of operating scale. However, we remain upbeat on its prospects driven by higher production at its new plant and the recovery in consumer spending. We cut our FY24-25F net profit forecasts by 16% and 15%, respectively, reduce our TP by 5% to RM0.70 (from RM0.74) but reiterate our OUTPERFORM call.

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

$NOVA / 0201 (NOVA WELLNESS GROUP BERHAD)