[%Rbdk%]
Research by HLIB
BUY– TP RM6.03

"Commendable YoY performance”

DKSH’s 2Q24 core net profit of RM31.7m (-35.1% QoQ, +8.9% YoY) brought 1H24’s sum to RM80.6m (+14.8% YoY). Although the results accounted for 67% of ours and 66% of consensus projections, we still deem the performance within expectations as we expect weaker 2H considering that most major festive seasons like Chinese New Year and Hari Raya occurred in 1H. Overall Consumer Goods segment remain resilient, while Healthcare benefitted from acquisition of new clients and growth for existing clients. Post-annual report updates, our FY24/25 forecasts are adjusted downward by -3.2%/-1.9%. We introduce FY26 figures. After earnings adjustment, our TP reduced to RM6.03 (from RM6.14 previously) based on unchanged of 6.7x P/E multiple (at +1.5SD of DKSH’s 5-year average) on its FY24f EPS

Analyst:
Syifaa’ Mahsuri Ismail
[%roYi%]

$KLSE-DKSH
Research by HLIB
BUY– TP RM6.03

"Commendable YoY performance”

DKSH’s 2Q24 core net profit of RM31.7m (-35.1% QoQ, +8.9% YoY) brought 1H24’s sum to RM80.6m (+14.8% YoY). Although the results accounted for 67% of ours and 66% of consensus projections, we still deem the performance within expectations as we expect weaker 2H considering that most major festive seasons like Chinese New Year and Hari Raya occurred in 1H. Overall Consumer Goods segment remain resilient, while Healthcare benefitted from acquisition of new clients and growth for existing clients. Post-annual report updates, our FY24/25 forecasts are adjusted downward by -3.2%/-1.9%. We introduce FY26 figures. After earnings adjustment, our TP reduced to RM6.03 (from RM6.14 previously) based on unchanged of 6.7x P/E multiple (at +1.5SD of DKSH’s 5-year average) on its FY24f EPS

Analyst:
Syifaa’ Mahsuri Ismail
syifaa@hlib.hongleong.com.my

$DKSH / 5908 (DKSH HOLDINGS (MALAYSIA) BERHAD)