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Research by Kenanga
Underperform – TP RM0.83

“Losses Narrowed, but Not Good Enough"

SUPERMX disappointed with a wider-than-expected 9MFY24 net loss on a weak sales volume and margins. Nonetheless, its 9MFY24 net loss narrowed YoY. We widen our FY24F net loss forecast to RM50m (fromRM5m) but fine-tune down our TP to RM0.83 (from RM0.84). Downgrade to UNDERPERFORM from MARKET PERFORM after the recent unjustified run-up in its share price.

Analyst:
Raymond Choo Ping Khoon 
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$KLSE-SUPERMX
Research by Kenanga
Underperform – TP RM0.83

“Losses Narrowed, but Not Good Enough"

SUPERMX disappointed with a wider-than-expected 9MFY24 net loss on a weak sales volume and margins. Nonetheless, its 9MFY24 net loss narrowed YoY. We widen our FY24F net loss forecast to RM50m (fromRM5m) but fine-tune down our TP to RM0.83 (from RM0.84). Downgrade to UNDERPERFORM from MARKET PERFORM after the recent unjustified run-up in its share price.

Analyst:
Raymond Choo Ping Khoon 
pkchoo@kenanga.com.my

$SUPERMX / 7106 (SUPERMAX CORPORATION BERHAD)