[%yFnB%] 
Research by Kenanga
Accept Offer - TP RM1.08

"Seasonally Weak 1Q"

GHLSYS’s 1QFY24 met expectations. Its net profit fell 29% due to lumpy IT infrastructure costs for future expansion. This was despite an 18% growth in top line with better performance from both transaction payment acquisition (TPA) and shared services segments. We keep our forecasts and TP of RM1.08 (offer price) and maintain our ACCEPT OFFER recommendation.

Analyst:
Samuel Tan 
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$KLSE-GHLSYS 
Research by Kenanga
Accept Offer - TP RM1.08

"Seasonally Weak 1Q"

GHLSYS’s 1QFY24 met expectations. Its net profit fell 29% due to lumpy IT infrastructure costs for future expansion. This was despite an 18% growth in top line with better performance from both transaction payment acquisition (TPA) and shared services segments. We keep our forecasts and TP of RM1.08 (offer price) and maintain our ACCEPT OFFER recommendation.

Analyst:
Samuel Tan 
samueltan@kenanga.com.my