[%RWSI%] 
Research by HLIB
BUY – TP RM1.48

" Envisioning better numbers in FY25"

ANCOMNY posted 4QFY24 core net profit of RM21.0m (+12.0% QoQ, +14.5%YoY), bringing FY24’s sum to RM81.7m (+10.6% YoY). The results accounted for 99% of both our and street estimates, which we deem within expectations. Core earnings grew 10.6% YoY in FY24 mainly driven by positive contribution from its new subsidiary HJ Unkel and higher margins stemmed from better sales mix.We look forward to the commercialisation of Chemical T, tentatively by end3QCY24, which should ultimately lift earnings in FY25f. We lower our FY25/26f earnings by 2%/5% and maintain our BUY rating with slightly higher TP of RM1.48 (from RM1.47), based on 15x rolled over FY25f EPS.

Analyst:
Brian Chin
[%bJrG%]

$KLSE-ANCOM 
Research by HLIB
BUY – TP RM1.48

" Envisioning better numbers in FY25"

ANCOMNY posted 4QFY24 core net profit of RM21.0m (+12.0% QoQ, +14.5%YoY), bringing FY24’s sum to RM81.7m (+10.6% YoY). The results accounted for 99% of both our and street estimates, which we deem within expectations. Core earnings grew 10.6% YoY in FY24 mainly driven by positive contribution from its new subsidiary HJ Unkel and higher margins stemmed from better sales mix.We look forward to the commercialisation of Chemical T, tentatively by end3QCY24, which should ultimately lift earnings in FY25f. We lower our FY25/26f earnings by 2%/5% and maintain our BUY rating with slightly higher TP of RM1.48 (from RM1.47), based on 15x rolled over FY25f EPS.

Analyst:
Brian Chin
brianchy@hlib.hongleong.com.my