[%VsSK%]
Research by CGS
Hold – TP RM1.14

“1Q24 in line; order pipeline remains robust"

■ 1Q24 core net profit of RM9.4m was within expectations, at 25.4% of our FY24F estimate. Higher steel prices benefited Engtex’s margins.
■ We make minor adjustments to our FY24-26F estimates as we incorporate Engtex’ 2023 audited figures, but keep key assumptions largely unchanged.
■ Downgrade to Hold on strong share price performance YTD. We raise our GGM-derived TP slightly to RM1.14, employing a 6.4% FY25 ROE.

Analysts:
Jeremy MOK
[%AGzh%] 
CHONG Tjen-San, CFA
[%Ftbc%]

$KLSE-ENGTEX
Research by CGS
Hold – TP RM1.14

“1Q24 in line; order pipeline remains robust"

■ 1Q24 core net profit of RM9.4m was within expectations, at 25.4% of our FY24F estimate. Higher steel prices benefited Engtex’s margins.
■ We make minor adjustments to our FY24-26F estimates as we incorporate Engtex’ 2023 audited figures, but keep key assumptions largely unchanged.
■ Downgrade to Hold on strong share price performance YTD. We raise our GGM-derived TP slightly to RM1.14, employing a 6.4% FY25 ROE.

Analysts:
Jeremy MOK
jeremy.mok@cgsi.com 
CHONG Tjen-San, CFA
tjen-san.chong@cgsi.com