[%xOyX%]
Research by MIDF
 Sell – TP RM3.43

“Single-Digit Profit Margin"

• We are downgrading our recommendation to SELL with a slight revision on target price to RM3.43 post the 2QFY24 results
• Sequential improvement seen in 2QFY24 but was unable to lift 1HFY24 earnings higher as compared to 1HFY23
• Ipoh operation to remain a drag to the group in the near-term, leading to thin profit margin
• Weak 1HFY24 results does not correspond to the strong rally in share price seen on a year-to-date basis

Analyst:
Foo Chuan Loong, Martin
[%BiNm%]

$KLSE-UNISEM
Research by MIDF
 Sell – TP RM3.43

“Single-Digit Profit Margin"

• We are downgrading our recommendation to SELL with a slight revision on target price to RM3.43 post the 2QFY24 results
• Sequential improvement seen in 2QFY24 but was unable to lift 1HFY24 earnings higher as compared to 1HFY23
• Ipoh operation to remain a drag to the group in the near-term, leading to thin profit margin
• Weak 1HFY24 results does not correspond to the strong rally in share price seen on a year-to-date basis

Analyst:
Foo Chuan Loong, Martin
martin.foo@midf.com.my