[%wCTo%] 
Research by HLIB 
HOLD – TP RM0.62

" No surprises”

Homeritz’ 3QFY24 core PATAMI of RM8.6m (QoQ: +8.1%, YoY: +65.6%) brought 9MFY23’s sum to RM16.5m (YoY: +49.9%), which came in line with ours but above consensus expectations at 75% and 80% of full year forecast respectively. Homeritz continued to see higher sales for 9MFY24 as demand for furniture continued to recover. Moving forward, should the Fed begin to cut rates in 2H24, a potential recovery in the US housing market should lead to higher furniture demand and further benefit local furniture makers. As the US and EU market made up 39% of the group’s FY23 revenue, this aforementioned situation should benefit Homeritz as well. Maintain HOLD with a higher TP of RM0.62 pegged to 8x FY25 core EPS of 7.8 sen. 

Analyst:
Tan Je Jyne
[%qAcs%]

$KLSE-HOMERIZ 
Research by HLIB 
HOLD – TP RM0.62

" No surprises”

Homeritz’ 3QFY24 core PATAMI of RM8.6m (QoQ: +8.1%, YoY: +65.6%) brought 9MFY23’s sum to RM16.5m (YoY: +49.9%), which came in line with ours but above consensus expectations at 75% and 80% of full year forecast respectively. Homeritz continued to see higher sales for 9MFY24 as demand for furniture continued to recover. Moving forward, should the Fed begin to cut rates in 2H24, a potential recovery in the US housing market should lead to higher furniture demand and further benefit local furniture makers. As the US and EU market made up 39% of the group’s FY23 revenue, this aforementioned situation should benefit Homeritz as well. Maintain HOLD with a higher TP of RM0.62 pegged to 8x FY25 core EPS of 7.8 sen. 

Analyst:
Tan Je Jyne
JJTan@hlib.hongleong.com.my

$HOMERIZ / 5160 (HOMERITZ CORPORATION BERHAD)