[%dgPJ%]
Research by Kenanga
Market Perform – TP RM1.40

“Higher Tax Weighs"

DRBHCOM’s 1QFY24 results met expectations. Its 1QFY24 core
net profit plunged 22% YoY as improved operating results were negated by a higher tax. We are cautious on its outlook as rival Perodua is turning up the heat with aggressive new launches. We maintain our forecasts, TP of RM1.40 and MARKET PERFORM call.

Analyst:
Wan Mustaqim Bin Wan Ab Aziz  
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$KLSE-DRBHCOM
Research by Kenanga
Market Perform – TP RM1.40

“Higher Tax Weighs"

DRBHCOM’s 1QFY24 results met expectations. Its 1QFY24 core
net profit plunged 22% YoY as improved operating results were negated by a higher tax. We are cautious on its outlook as rival Perodua is turning up the heat with aggressive new launches. We maintain our forecasts, TP of RM1.40 and MARKET PERFORM call.

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