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Research by Kenanga
UNDERPERFORM – TP RM0.30

"Further into Losses”

POS’s 1HFY24 results disappointed on poor cost containment. Its 1HFY24 core net loss expanded 61% YoY as the deteriorating operating environment at its postal segment and logistics services negated the recovery at its aviation services. We widen our FY24- 25F net loss forecasts by 59% and 34%, respectively, reduce our TP by 10% to RM0.30 (from RM0.33) and maintain our UNDERPERFORM call.

Analyst:
Wan Mustaqim Bin Wan Ab Aziz 
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$KLSE-POS
Research by Kenanga
UNDERPERFORM – TP RM0.30

"Further into Losses”

POS’s 1HFY24 results disappointed on poor cost containment. Its 1HFY24 core net loss expanded 61% YoY as the deteriorating operating environment at its postal segment and logistics services negated the recovery at its aviation services. We widen our FY24- 25F net loss forecasts by 59% and 34%, respectively, reduce our TP by 10% to RM0.30 (from RM0.33) and maintain our UNDERPERFORM call.

Analyst:
Wan Mustaqim Bin Wan Ab Aziz 
wanmustaqim@kenanga.com.my