[%YnJb%] 
Research by Kenanga
Outperform – TP of MYR 1.10

“A Euro 2024 Win with Synthetic Condom” 

We understand that KAREX has received CE certification for its new synthetic condoms which allows it to market the product in Europe. The latest development has significantly enhanced KAREX’s growth potential, though large orders are more likely to come through in FY26 and beyond. We maintain our forecasts, TP of RM1.10 and OUTPERFORM call.

Analyst(s):
Cheow Ming Liang 
[%yvvq%]

$KLSE-KAREX 
Research by Kenanga
Outperform – TP of MYR 1.10

“A Euro 2024 Win with Synthetic Condom” 

We understand that KAREX has received CE certification for its new synthetic condoms which allows it to market the product in Europe. The latest development has significantly enhanced KAREX’s growth potential, though large orders are more likely to come through in FY26 and beyond. We maintain our forecasts, TP of RM1.10 and OUTPERFORM call.

Analyst(s):
Cheow Ming Liang 
cheowml@kenanga.com.my