[%xUMe%] 
Research by CGS
Add – TP of MYR 0.89

“Strong 2Q24 earnings; more growth ahead” 

Mynews Holdings reported 2QFY10/24 core net profit of RM1.7m (+36.8% qoq), vs. 2QFY23 core net loss of RM6.3m. This brought 1HFY24 core net profit to RM3m, which we deem to be in line at 27%/32% of our/Bloomberg consensus’ estimates as we expect continued strong earnings momentum in 2HFY24F on higher footfall, with 2QFY24 impacted by the Ramadan fasting period. This was the third consecutive quarter that Mynews has recorded core net profits, driven by revenue growth and improvement in gross margins.

Analyst(s):
LEW Cheng Wei
[%cNbw%]
Prem JEARAJASINGAM
[%LLTE%]

$KLSE-MYNEWS 
Research by CGS
Add – TP of MYR 0.89

“Strong 2Q24 earnings; more growth ahead” 

Mynews Holdings reported 2QFY10/24 core net profit of RM1.7m (+36.8% qoq), vs. 2QFY23 core net loss of RM6.3m. This brought 1HFY24 core net profit to RM3m, which we deem to be in line at 27%/32% of our/Bloomberg consensus’ estimates as we expect continued strong earnings momentum in 2HFY24F on higher footfall, with 2QFY24 impacted by the Ramadan fasting period. This was the third consecutive quarter that Mynews has recorded core net profits, driven by revenue growth and improvement in gross margins.

Analyst(s):
LEW Cheng Wei
chengwei.lew@cgsi.com
Prem JEARAJASINGAM
prem.jearajasingam@cgsi.com