[%xLLK%] 
Research by Kenanga
Outperform – TP RM1.50

" A Brighter FY25 Ahead "

ANCOMNY’s FY24 results missed our forecast slightly (due to a high tax provision in 4Q) but met the market expectation. Its FY24 core earnings rose 8% YoY on an improved sales mix. Looking ahead, earnings growth will be driven by improving agri-chemical outlook on firm timber preservative orders and the introduction of new active ingredients (AIs). We trim our FY25F net profit forecast by 3% but keep our TP of RM1.50 and OUTPERFORM call.

Analyst:
Teh Kian Yeong 
[%gPDA%]

$KLSE-ANCOM 
Research by Kenanga
Outperform – TP RM1.50

" A Brighter FY25 Ahead "

ANCOMNY’s FY24 results missed our forecast slightly (due to a high tax provision in 4Q) but met the market expectation. Its FY24 core earnings rose 8% YoY on an improved sales mix. Looking ahead, earnings growth will be driven by improving agri-chemical outlook on firm timber preservative orders and the introduction of new active ingredients (AIs). We trim our FY25F net profit forecast by 3% but keep our TP of RM1.50 and OUTPERFORM call.

Analyst:
Teh Kian Yeong 
tehky@kenanga.com.my