[%eufs%]
Research by MIDF
Buy - TP RM1.38

"Zetrix Blockchain Continues to Chart Earnings Growth"

• Maintain BUY with an unchanged target price of RM1.38 post the announcement of the 2QFY24 financial results
• 2QFY24 earnings jumped +47.2%yoy to RM156.0m, mainly supported by the contribution from Zetrix
• This led to 1HFY24 of RM321.4m (+47.8%yoy) which came in at the higher end of ours and consensus expectations
• The e-government services to continue to provide a stable earnings base for the group while earnings growth will stem from Zetrix

Analyst:
Foo Chuan Loong, Martin
[%maqr%]

$KLSE-MYEG
Research by MIDF
Buy - TP RM1.38

"Zetrix Blockchain Continues to Chart Earnings Growth"

• Maintain BUY with an unchanged target price of RM1.38 post the announcement of the 2QFY24 financial results
• 2QFY24 earnings jumped +47.2%yoy to RM156.0m, mainly supported by the contribution from Zetrix
• This led to 1HFY24 of RM321.4m (+47.8%yoy) which came in at the higher end of ours and consensus expectations
• The e-government services to continue to provide a stable earnings base for the group while earnings growth will stem from Zetrix

Analyst:
Foo Chuan Loong, Martin
martin.foo@midf.com.my