[%moPe%] 
Research by Kenanga
Outperform – TP of MYR 1.35

“Turning the Corner” 

SKPRES’s FY24 results beat expectations. Nonetheless, its FY24 core net profit still fell 31% YoY on lower orders across its product portfolio. It guided for positive outlook driven by improved orders from its existing customers and the potential onboarding of two new customers. We lift our FY25F net profit forecast by 14%, increase our TP by 59% to RM1.35 (from RM0.85) and upgrade our call to OUTPERFORM from MARKET PERFORM.

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

$KLSE-SKPRES 
Research by Kenanga
Outperform – TP of MYR 1.35

“Turning the Corner” 

SKPRES’s FY24 results beat expectations. Nonetheless, its FY24 core net profit still fell 31% YoY on lower orders across its product portfolio. It guided for positive outlook driven by improved orders from its existing customers and the potential onboarding of two new customers. We lift our FY25F net profit forecast by 14%, increase our TP by 59% to RM1.35 (from RM0.85) and upgrade our call to OUTPERFORM from MARKET PERFORM.

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