[%gEXb%] 
Research by Kenanga
Underperform – TP of MYR 0.33

“One-Time Boost to Postal Services” 

POS’s 1QFY24 results met expectations. Its 1QFY24 core net loss narrowed 22% YoY driven by some one-time postal services rendered to the government. We are positive on its disposal of a shipping-related unit for RM123.2m cash. However, its conventional mail business will continue to struggle in the digital age. We maintain our forecasts, TP of RM0.33 and UNDERPERFORM call.

Analyst(s):
Wan Mustaqim Bin Wan Ab Aziz 
[%jiKr%]

$KLSE-POS 
Research by Kenanga
Underperform – TP of MYR 0.33

“One-Time Boost to Postal Services” 

POS’s 1QFY24 results met expectations. Its 1QFY24 core net loss narrowed 22% YoY driven by some one-time postal services rendered to the government. We are positive on its disposal of a shipping-related unit for RM123.2m cash. However, its conventional mail business will continue to struggle in the digital age. We maintain our forecasts, TP of RM0.33 and UNDERPERFORM call.

Analyst(s):
Wan Mustaqim Bin Wan Ab Aziz 
wanmustaqim@kenanga.com.my