[%euwp%] 
Research by PIB
Outperform – TP of MYR 1.48

“Seasonally Weak Result” 

Uzma posted a weaker core net profit of RM9.3m in 3QFY24, dipping by 14.3% YoY due to higher operating costs with an increasing number of staff during the period despite recording higher revenue by 23.7%. On a QoQ basis, core net profit also decreased by 35.0% due to lower activity amid the monsoon season during the period. Overall, Uzma’s 9MFY24 core net profit of RM38.0m is deemed to have met our full year target at 67% considering the seasonally weaker 3Q, though exceeding consensus estimates at 82% due to the latter’s more bearish assumptions. The outlook for both oil and gas (O&G) and new energy (NE) segments remain intact on the back of long-term contracts secured that will contribute recurring earnings from FY25F onwards. We maintain our Outperform call but with a lower TP of RM1.48 (pegging to an unchanged 11x PE multiple on FY25F EPS) after considering full dilution from the incoming private placement.


Analyst(s):
Khairul Fahmi, CFA
[%YTGq%]

$KLSE-UZMA 
Research by PIB
Outperform – TP of MYR 1.48

“Seasonally Weak Result” 

Uzma posted a weaker core net profit of RM9.3m in 3QFY24, dipping by 14.3% YoY due to higher operating costs with an increasing number of staff during the period despite recording higher revenue by 23.7%. On a QoQ basis, core net profit also decreased by 35.0% due to lower activity amid the monsoon season during the period. Overall, Uzma’s 9MFY24 core net profit of RM38.0m is deemed to have met our full year target at 67% considering the seasonally weaker 3Q, though exceeding consensus estimates at 82% due to the latter’s more bearish assumptions. The outlook for both oil and gas (O&G) and new energy (NE) segments remain intact on the back of long-term contracts secured that will contribute recurring earnings from FY25F onwards. We maintain our Outperform call but with a lower TP of RM1.48 (pegging to an unchanged 11x PE multiple on FY25F EPS) after considering full dilution from the incoming private placement.


Analyst(s):
Khairul Fahmi, CFA
khairul.fahmi@publicinvestbank.com.my