$GTRONIC / 7022 (GLOBETRONICS TECHNOLOGY BERHAD)
Research by MIDF
NEUTRAL – TP RM1.09

" Challenging Outlook to Persist”

• Maintain NEUTRAL with a slight revision to target price, to RM1.09, post the group’s 2QFY24 financial performance
• Slight improvement in 2QFY24 leading to weak 1HFY24 earnings recovery of RM8.3m which cam in below our expectation
• Future volume loading remains a concern as any improvement in revenue outlook may only be observed earliest by 4QFY24
• Weak earnings outlook to translate to lower dividend yield of less than two percent in the near-term

Analyst:
Foo Chuan Loong, Martin
martin.foo@midf.com.my