[%JASL%] 
Research by Maybank
HOLD – TP RM  1.12

" 2Q24: Still weak”

GTB’s 1H24 earnings delivery continued to underwhelm as the company reported its lowest quarterly turnover on record in 2Q24. We lower FY24- 26E earnings by 19-36%. Our TP is now pegged to -1.0SD to LT mean (previously -0.5SD) to account for GTB’s prolonged weak medium-term outlook. On 23x FY25E PER peg, our new TP is MYR1.17 (-29%). HOLD. 

Analyst:
Anand Pathmakanthan
[%MPrW%]
Arvind Jayaratnam
[%HutD%]

$KLSE-GTRONIC 
Research by Maybank
HOLD – TP RM  1.12

" 2Q24: Still weak”

GTB’s 1H24 earnings delivery continued to underwhelm as the company reported its lowest quarterly turnover on record in 2Q24. We lower FY24- 26E earnings by 19-36%. Our TP is now pegged to -1.0SD to LT mean (previously -0.5SD) to account for GTB’s prolonged weak medium-term outlook. On 23x FY25E PER peg, our new TP is MYR1.17 (-29%). HOLD. 

Analyst:
Anand Pathmakanthan
anand.pathmakanthan@maybank-ib.com
Arvind Jayaratnam
arvind.jayaratnam@maybank.com

$GTRONIC / 7022 (GLOBETRONICS TECHNOLOGY BERHAD)