[%JgkV%] 
Research by Kenanga
OUTPERFORM – TP RM6.75

"Improving IC Supply to Drive 2HFY24”

PIE’s 1HFY24 results met expectations. Its net profit rose 7.5% YoY thanks to effective cost control. We learned that integrated circuit (IC) supply constraints from Customer A have eased. This, coupled with the timely commencement of Plant 5, should optimise production for Customer A, paving the way for a stronger 2HFY24. We maintain our forecasts, TP of RM6.75 and OUTPERFORM call

Analyst:
Samuel Tan 
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$KLSE-PIE 
Research by Kenanga
OUTPERFORM – TP RM6.75

"Improving IC Supply to Drive 2HFY24”

PIE’s 1HFY24 results met expectations. Its net profit rose 7.5% YoY thanks to effective cost control. We learned that integrated circuit (IC) supply constraints from Customer A have eased. This, coupled with the timely commencement of Plant 5, should optimise production for Customer A, paving the way for a stronger 2HFY24. We maintain our forecasts, TP of RM6.75 and OUTPERFORM call

Analyst:
Samuel Tan 
samueltan@kenanga.com.my