[%lbMo%] 
Research by Kenanga
BUY – TP RM1.50

"Multiple Earning Drivers Ahead"

ANCOMNY’s earnings guidance for FY25-26 is in line with our estimates. It expects stronger agri-chemicals contributions on robust timber preservative orders, better sales of MSMA along with newer active ingredients (AIs). Its industrial chemicals margins should also improve on cost cuts. We maintain our forecasts, TP of RM1.50 and OUTPERFORM rating.

Analyst:
Khoo Teng Chuan 
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$KLSE-ANCOM 
Research by Kenanga
BUY – TP RM1.50

"Multiple Earning Drivers Ahead"

ANCOMNY’s earnings guidance for FY25-26 is in line with our estimates. It expects stronger agri-chemicals contributions on robust timber preservative orders, better sales of MSMA along with newer active ingredients (AIs). Its industrial chemicals margins should also improve on cost cuts. We maintain our forecasts, TP of RM1.50 and OUTPERFORM rating.

Analyst:
Khoo Teng Chuan 
khootc@kenanga.com.my