[%dCjz%] 
Research by Maybank
BUY – TP RM 28.20

"2Q24: Good effort”

HEIM’s 2Q24 results met our expectations. Meaningful sales recovery in the 2H24 may continue to be hindered by HEIM’s product affordability and pressure on consumer disposable income. However, any cost savings from favourable FX and potentially higher product demand from tourism could be a positive surprise. Our earnings estimates are unchanged. Maintain BUY with a DCF-TP of MYR28.20 (WACC: 7%, LTG: 3%).

Analyst:
Jade Tam
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$KLSE-HEIM 
Research by Maybank
BUY – TP RM 28.20

"2Q24: Good effort”

HEIM’s 2Q24 results met our expectations. Meaningful sales recovery in the 2H24 may continue to be hindered by HEIM’s product affordability and pressure on consumer disposable income. However, any cost savings from favourable FX and potentially higher product demand from tourism could be a positive surprise. Our earnings estimates are unchanged. Maintain BUY with a DCF-TP of MYR28.20 (WACC: 7%, LTG: 3%).

Analyst:
Jade Tam
jade.tam@maybank-ib.com