[%RpUv%] 
Research by Kenanga
Market Perform – TP of MYR 0.61

“In the Red” 

JHM’s 1QFY24 results disappointed. It dipped into the red on a 46% plunge in turnover, worsening the problem of its under-utilised floor space. It guided for a challenging outlook, weighed down by underutilised new assets. We cut our FY24-25F net profit forecasts by 28% and 21%, respectively, reduce our TP by 13% to RM0.61 (from RM0.70) but maintain our MARKET PERFORM call.

Analyst(s):
 Samuel Tan 
[%XXLT%]

$KLSE-JHM 
Research by Kenanga
Market Perform – TP of MYR 0.61

“In the Red” 

JHM’s 1QFY24 results disappointed. It dipped into the red on a 46% plunge in turnover, worsening the problem of its under-utilised floor space. It guided for a challenging outlook, weighed down by underutilised new assets. We cut our FY24-25F net profit forecasts by 28% and 21%, respectively, reduce our TP by 13% to RM0.61 (from RM0.70) but maintain our MARKET PERFORM call.

Analyst(s):
 Samuel Tan 
samueltan@kenanga.com.my