[%RYyd%] Industries
Research by Kenanga 
OUTPERFORM – TP RM5.35

" Operating Performance Improves QoQ”

KOTRA’s FY24 results met expectations. Its FY24 core net profit declined 32% on reduced sales and the resulting loss of operating leverage, coupled with absence of deferred tax benefit. However, we remain upbeat on KOTRA on recovering consumer spending, taking encouragement from QoQ sales rise. We maintain our forecasts and TP of RM5.35, reiterating our OUTPERFORM call. The stock offers a 6% dividend yield.

Analyst:
Raymond Choo Ping Khoon 
[%Rbvq%]

$KLSE-KOTRA Industries
Research by Kenanga 
OUTPERFORM – TP RM5.35

" Operating Performance Improves QoQ”

KOTRA’s FY24 results met expectations. Its FY24 core net profit declined 32% on reduced sales and the resulting loss of operating leverage, coupled with absence of deferred tax benefit. However, we remain upbeat on KOTRA on recovering consumer spending, taking encouragement from QoQ sales rise. We maintain our forecasts and TP of RM5.35, reiterating our OUTPERFORM call. The stock offers a 6% dividend yield.

Analyst:
Raymond Choo Ping Khoon 
pkchoo@kenanga.com.my