[%eUkU%]
Research by Kenanga
Outperform – TP RM1.10

“Favourable Products Mix"

KAREX is expected to meet our RM25m net profit target for FY24, driven by strong sales in high-margin personal lubricants and a strategic shift to higher-margin segments. Furthermore, it is set to deliver its first synthetic condom order in November, which holds promise for significant growth, which we think sufficiently offsets concern on earnings drag from its underutilized glove segment. We keep our forecasts, TP of RM1.10 and OUTPERFORM call.

Analyst:
Cheow Ming Liang 
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$KLSE-KAREX
Research by Kenanga
Outperform – TP RM1.10

“Favourable Products Mix"

KAREX is expected to meet our RM25m net profit target for FY24, driven by strong sales in high-margin personal lubricants and a strategic shift to higher-margin segments. Furthermore, it is set to deliver its first synthetic condom order in November, which holds promise for significant growth, which we think sufficiently offsets concern on earnings drag from its underutilized glove segment. We keep our forecasts, TP of RM1.10 and OUTPERFORM call.

Analyst:
Cheow Ming Liang 
cheowml@kenanga.com.my