$CHINWEL / 5007 (CHIN WELL HOLDINGS BERHAD)
Research by TA
Sell – TP of MYR 0.74

“Sluggish Demand Outlook ”

Excluding the one-off expenses of RM0.9mn, CHINWEL’s 9MFY24 core net profit of RM6.3m disappointed, accounting for only 41.7% and 36.4% of ours and the street’s full-year estimates, respectively. The disappointment was largely due to weaker-than-expected export volumes and persistently subdued demand for steel products.

Analyst(s):
Raymond Ng Ing Yeow
raymondng@ta.com.my