[%ZgIU%] 
Research by Melacca Securities 
BUY – TP RM1.16

" New Management On Board "

RM1.16. Since the share price has retraced to RM0.94, we upgrade from Hold to Buy with a TP of RM1.16. The TP of RM1.16 is derived by ascribing a P/E of 14.0x to FY25f EPS of 8.3sen. Also, we assumed a payout ratio of 70.0% of its distributable income from FY24-25f, translating to dividend per share of 5.3-5.8 sen. 

Analyst:
Loui Low
[%eOVv%]

$KLSE-REXIT 
Research by Melacca Securities 
BUY – TP RM1.16

" New Management On Board "

RM1.16. Since the share price has retraced to RM0.94, we upgrade from Hold to Buy with a TP of RM1.16. The TP of RM1.16 is derived by ascribing a P/E of 14.0x to FY25f EPS of 8.3sen. Also, we assumed a payout ratio of 70.0% of its distributable income from FY24-25f, translating to dividend per share of 5.3-5.8 sen. 

Analyst:
Loui Low
louilow@msec.com.my