[%ULbN%] 
Research by HLIB
BUY – TP RM3.28 

" A record quarter”

9MFY24 core net profit of RM39m (+>100%) was a beat thanks to stronger-thanexpected EBITDA margin. Aided by the favourable forex, 9MFY24 top line gained 36% to RM341m as the higher contributions from HDD, automotive and EMS were more than sufficient to negate the weakness in camera/industrial. After 3 consecutive quarters of robust growth in FY24, Notion anticipates 4QFY24 to progress at a moderate pace in view of the volatility of forex. A stabilized earnings will allow Notion to position and prepare for further expansion in FY25. Maintain BUY with unchanged TP of RM3.28, pegged to 30x of mid-CY26f fully diluted earnings. It is well positioned to capitalise on: (i) increasing adoption of AI; (ii) advancements in disk storage capacity; (iii) global manufacturing diversification; and (iv) revival of E&E sector.

 Analyst:
Tan J Young 
[%CqFZ%]
Sam Jun Kit
[%EqkQ%]
Jack Heng 
[%UqjV%]

$KLSE-NOTION 
Research by HLIB
BUY – TP RM3.28 

" A record quarter”

9MFY24 core net profit of RM39m (+>100%) was a beat thanks to stronger-thanexpected EBITDA margin. Aided by the favourable forex, 9MFY24 top line gained 36% to RM341m as the higher contributions from HDD, automotive and EMS were more than sufficient to negate the weakness in camera/industrial. After 3 consecutive quarters of robust growth in FY24, Notion anticipates 4QFY24 to progress at a moderate pace in view of the volatility of forex. A stabilized earnings will allow Notion to position and prepare for further expansion in FY25. Maintain BUY with unchanged TP of RM3.28, pegged to 30x of mid-CY26f fully diluted earnings. It is well positioned to capitalise on: (i) increasing adoption of AI; (ii) advancements in disk storage capacity; (iii) global manufacturing diversification; and (iv) revival of E&E sector.

 Analyst:
Tan J Young 
jytan@hlib.hongleong.com.my
Sam Jun Kit
jksam@hlib.hongleong.com.my
Jack Heng 
jackheng@hlib.hongleong.com.my