[%NmTP%] 
Research by CGS
Reduce - TP RM3.70

"Slightly stronger end to a weak FY24"

■ FY6/24 core net profit came in at RM51.1m, above expectations as higher revenue and better margins more than offset higher effective tax rate.
■ Its domestic supplement sales improved slightly in 4QFY24, but still at low levels overall with domestic pharmaceutical demand also weakening.
■ Reiterate Reduce as we expect Kotra’s earnings to decline further in FY25F, due to normalising tax rates, before rebounding in FY26F.

Analysts:
LEW Cheng Wei
[%hUwP%] 
Dharmini THURAISINGAM
[%WIjn%]

$KLSE-KOTRA 
Research by CGS
Reduce - TP RM3.70

"Slightly stronger end to a weak FY24"

■ FY6/24 core net profit came in at RM51.1m, above expectations as higher revenue and better margins more than offset higher effective tax rate.
■ Its domestic supplement sales improved slightly in 4QFY24, but still at low levels overall with domestic pharmaceutical demand also weakening.
■ Reiterate Reduce as we expect Kotra’s earnings to decline further in FY25F, due to normalising tax rates, before rebounding in FY26F.

Analysts:
LEW Cheng Wei
chengwei.lew@cgsi.com 
Dharmini THURAISINGAM
dharmini@cgsi.com