[%RGWY%]
Research by Public
Outperform – TP RM5.85

"Broadly In-line with Expectations”

DKSH’s 2QFY24 net profit increased by 12.3% YoY to RM26.7m, primarily driven by an improvement in operating profit margins from both Consumer Goods and Healthcare segment, likely due to better economies of scale Cumulative 1HFY24 net profit of RM67.2m was broadly in-line with our and consensus estimates, accounting for 55% full-year forecasts. We are still optimistic on DKSH’s earnings prospects going forward, as we expect DKSH to benefit from the potential boost in consumer spending post EPF Account 3 withdrawals and upcoming salary revision among civil servants. Our Outperform call and TP of RM5.85 based on 7x FY25F EPS is maintained.

Analyst:
Wong Ling Ling
 [%HSFN%]

$KLSE-DKSH
Research by Public
Outperform – TP RM5.85

"Broadly In-line with Expectations”

DKSH’s 2QFY24 net profit increased by 12.3% YoY to RM26.7m, primarily driven by an improvement in operating profit margins from both Consumer Goods and Healthcare segment, likely due to better economies of scale Cumulative 1HFY24 net profit of RM67.2m was broadly in-line with our and consensus estimates, accounting for 55% full-year forecasts. We are still optimistic on DKSH’s earnings prospects going forward, as we expect DKSH to benefit from the potential boost in consumer spending post EPF Account 3 withdrawals and upcoming salary revision among civil servants. Our Outperform call and TP of RM5.85 based on 7x FY25F EPS is maintained.

Analyst:
Wong Ling Ling
 wong.lingling@publicinvestbank.com.my

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