[%esxI%] 
Research by PIB
Neutral – TP of MYR 1.08

“Dragged by Reversal of Fair Value Gain” 

After adjusting for non-operating items, core net profit for the quarter was down 28.0% YoY to RM4.0m, mainly due to lower revenue and higher operating expenses. Results were below expectation, accounting for only 14% of our full year estimates. We keep our forecast unchanged however, as we expect better quarters ahead underpinned by new products offering, continued employment and wage growth. We retain our Neutral call with higher target price of RM1.08 (from RM1.00 previously) as we rollover over valuation to FY25F.

Analyst(s):
Denny Oh
[%mobB%]

$KLSE-FIAMMA 
Research by PIB
Neutral – TP of MYR 1.08

“Dragged by Reversal of Fair Value Gain” 

After adjusting for non-operating items, core net profit for the quarter was down 28.0% YoY to RM4.0m, mainly due to lower revenue and higher operating expenses. Results were below expectation, accounting for only 14% of our full year estimates. We keep our forecast unchanged however, as we expect better quarters ahead underpinned by new products offering, continued employment and wage growth. We retain our Neutral call with higher target price of RM1.08 (from RM1.00 previously) as we rollover over valuation to FY25F.

Analyst(s):
Denny Oh
research@publicinvestbank.com.my