[%hUPb%]
Research by RHB
Buy - TP RM0.81

"Bouncing Back From a Low; Keep BUY"

Keep BUY, with new MYR0.81 TP from MYR0.68, 27% upside and c.2% FY25F (Oct) yield. Mynews' current valuation of 15.9x FY25F P/E appears attractive compared to its convenience store (CVS) peers. We forecast FY25 net profit to reach pre-pandemic levels of MYR28m once CU is no longer a drag on earnings. With the worst likely behind, the end of CU's gestation period, progressive contributions from Mynews, and the turnaround of its food processing centre (FPC) should drive a re-rating of the stock.

Analysts:
Tai Yu Jie
[%SgmV%]
Soong Wei Siang
[%qjCW%]

$KLSE-MYNEWS
Research by RHB
Buy - TP RM0.81

"Bouncing Back From a Low; Keep BUY"

Keep BUY, with new MYR0.81 TP from MYR0.68, 27% upside and c.2% FY25F (Oct) yield. Mynews' current valuation of 15.9x FY25F P/E appears attractive compared to its convenience store (CVS) peers. We forecast FY25 net profit to reach pre-pandemic levels of MYR28m once CU is no longer a drag on earnings. With the worst likely behind, the end of CU's gestation period, progressive contributions from Mynews, and the turnaround of its food processing centre (FPC) should drive a re-rating of the stock.

Analysts:
Tai Yu Jie
tai.yu.jie@rhbgroup.com
Soong Wei Siang
soong.wei.siang@rhbgroup.com