[%MTXM%]
Research by Maybank
Hold – TP RM1.65

“A clear shift in strategy"

We hosted GTB’s new leadership team recently and came away feeling comforted on its longer-term outlook trajectory. We adjust earnings for FY24-26E by -6%/+4%/+12% and raise our TP to MYR1.65 (+60sen). Post-recalibration of GTB’s 5Y fwd PER mean, our TP is now pegged to 26x FY25E PER, at -0.5SD to LT mean (previously 21x FY25 PER, at -1.5SD). We U/G GTB to a HOLD. Despite pledging to diversify its customer base and elevate capex to remain competitive with peers, we are cautious on execution. A successful ramp-up in production serves as our next re-rating catalyst.

Analysts:
Anand Pathmakanthan
[%LZbQ%]
Arvind Jayaratnam
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$KLSE-GTRONIC
Research by Maybank
Hold – TP RM1.65

“A clear shift in strategy"

We hosted GTB’s new leadership team recently and came away feeling comforted on its longer-term outlook trajectory. We adjust earnings for FY24-26E by -6%/+4%/+12% and raise our TP to MYR1.65 (+60sen). Post-recalibration of GTB’s 5Y fwd PER mean, our TP is now pegged to 26x FY25E PER, at -0.5SD to LT mean (previously 21x FY25 PER, at -1.5SD). We U/G GTB to a HOLD. Despite pledging to diversify its customer base and elevate capex to remain competitive with peers, we are cautious on execution. A successful ramp-up in production serves as our next re-rating catalyst.

Analysts:
Anand Pathmakanthan
anand.pathmakanthan@maybank-ib.com
Arvind Jayaratnam
arvind.jayaratnam@maybank.com

$GTRONIC / 7022 (GLOBETRONICS TECHNOLOGY BERHAD)