[%NXwP%] 
Research by RHB
Buy – TP of MYR 0.81

“Entering a Sustainable Earnings Upcycle; Still BUY” 

Still BUY and MYR0.81 TP, 21% upside and c.2% FY25F (Oct) yield. We attended Mynews’ post-results briefing and came away feeling upbeat about its prospects. We think the worst is over with the turnaround of CU by endFY24F and Mynews’ progressive contribution of driving the recovery of the profit base to pre-pandemic levels. The current valuation of 16.7x FY25F P/E is attractive compared to its convenience store (CVS) peers, and we think the market has yet to price in the company’s recovery prospects.

Analyst(s):
Tai Yu Jie
[%trzb%]
Soong Wei Siang
[%tfVC%]

$KLSE-MYNEWS 
Research by RHB
Buy – TP of MYR 0.81

“Entering a Sustainable Earnings Upcycle; Still BUY” 

Still BUY and MYR0.81 TP, 21% upside and c.2% FY25F (Oct) yield. We attended Mynews’ post-results briefing and came away feeling upbeat about its prospects. We think the worst is over with the turnaround of CU by endFY24F and Mynews’ progressive contribution of driving the recovery of the profit base to pre-pandemic levels. The current valuation of 16.7x FY25F P/E is attractive compared to its convenience store (CVS) peers, and we think the market has yet to price in the company’s recovery prospects.

Analyst(s):
Tai Yu Jie
tai.yu.jie@rhbgroup.com
Soong Wei Siang
soong.wei.siang@rhbgroup.com