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Research by RHB
Buy – TP RM0.81

“Improving QoQ Despite Soft Seasonality; BUY"

KeepBUYandMYR0.81TP,26%upside.Mynews’1HFY24(Oct)results met expectations, with 2QFY24 core earnings showing improvement QoQ despite softer seasonality during the fasting month. The consolidation of CU and Mynews management teams has consistently improved sales and GPM through stronger bargaining power and an enhanced product assortment. We believe valuation should re-rate with the progressive contributions from Mynews, alongside the turnaround of CU and food processing centre (FPC), driving the recovery of the profit base to pre-pandemic levels.

Analysts:
Tai Yu Jie
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Soong Wei Siang 
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$KLSE-MYNEWS
Research by RHB
Buy – TP RM0.81

“Improving QoQ Despite Soft Seasonality; BUY"

KeepBUYandMYR0.81TP,26%upside.Mynews’1HFY24(Oct)results met expectations, with 2QFY24 core earnings showing improvement QoQ despite softer seasonality during the fasting month. The consolidation of CU and Mynews management teams has consistently improved sales and GPM through stronger bargaining power and an enhanced product assortment. We believe valuation should re-rate with the progressive contributions from Mynews, alongside the turnaround of CU and food processing centre (FPC), driving the recovery of the profit base to pre-pandemic levels.

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