$CHINWEL / 5007 (CHIN WELL HOLDINGS BERHAD)
Research by RHB
Sell – TP of MYR 0.81

“Outlook Remains Challenging; SELL”

Still SELL with lower MYR0.81 TP from MYR0.94, 36% downside. Chin Well’s 9MFY24 (June) results missed expectations mainly due to weakerthan-expected margins, dragged down by softer sales. The current valuation (+2SD above the mean) is lofty – especially considering its persistently weak earnings. Additionally, the soft demand outlook poses downside risks to our forecasts, rendering the current risk-reward profile unattractive.

Analyst(s):
Tai Yu Jie
tai.yu.jie@rhbgroup.com