[%eJSh%] 
Research by Apex
Buy - TP RM0.855

"Performance in line"

• 2QFY24 core net profit at RM6.4m fell -7.4% yoy to RM6.4m, bringing 1HFY24 core net profit to RM8.9m came in line with our expectations.
• Looking ahead, anticipate better performance in 2H24, with a more substantial recovery expected in 2025, driven by industry-wide recovery.
• We maintain our BUY recommendation with unchanged target price of RM0.855 by pegging PE multiple of 20.0x to FY25F EPS of 4.3 sen.

Analyst:
Jayden Tan
[%fklR%]

$KLSE-QES 
Research by Apex
Buy - TP RM0.855

"Performance in line"

• 2QFY24 core net profit at RM6.4m fell -7.4% yoy to RM6.4m, bringing 1HFY24 core net profit to RM8.9m came in line with our expectations.
• Looking ahead, anticipate better performance in 2H24, with a more substantial recovery expected in 2025, driven by industry-wide recovery.
• We maintain our BUY recommendation with unchanged target price of RM0.855 by pegging PE multiple of 20.0x to FY25F EPS of 4.3 sen.

Analyst:
Jayden Tan
kdtan@apexsecurities.com.my