[%RUDf%]
Research by MIDF
NEUTRAL– TP  RM7.03

"Profitability Impacted in Absence of Tax Credit”

• Maintain NEUTRAL with an unchanged target price of RM7.03 following the 2QFY24 results announcement
• 1HFY24 earnings down by -8.6%yoy to RM821.8 in view of higher effective tax rate as PBT expanded by +25.0%yoy to RM1.1b
• Nevertheless, this was within our expectation as we assumed a -9.7%yoy reduction in FY24 earnings to RM1.7b
• Revenue pressure to persist across all the three main business segments while we see more effort needed to manage cost

Analyst:
Foo Chuan Loong, Martin
[%aCOi%]

$KLSE-TM
Research by MIDF
NEUTRAL– TP  RM7.03

"Profitability Impacted in Absence of Tax Credit”

• Maintain NEUTRAL with an unchanged target price of RM7.03 following the 2QFY24 results announcement
• 1HFY24 earnings down by -8.6%yoy to RM821.8 in view of higher effective tax rate as PBT expanded by +25.0%yoy to RM1.1b
• Nevertheless, this was within our expectation as we assumed a -9.7%yoy reduction in FY24 earnings to RM1.7b
• Revenue pressure to persist across all the three main business segments while we see more effort needed to manage cost

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