$AMWAY / 6351 (AMWAY (MALAYSIA) HOLDINGS BERHAD)
Research by TA
Sell – TP RM7.70

“Weaker FY24 ahead"

YTD, Amway share price has surged by approximately 25%. We believe that much of the positive news has already been priced into the share price. Due to limited upside, we downgrad Amway to SELL from Hold with an unchanged TP of RM7.70/share, based on DDM valuation approach (k: 9.8%, g: 1.0%).

Analyst:
Liew Yi Jiet
yjliew@ta.com.my