[%ApGR%] 
Research by HLIB
HOLD – TP RM20.02

"Broadly in line”

PMM registered 1QFY25 results with revenue of RM221.0m (+7% QoQ; -3% YoY) and core PAT of RM18.5m (+18% QoQ; -17% YoY). Overall, LASC segment chalked in moderation in sales which were due to softness in export market sales. HVAC performed better, benefitting from the warmer weather that lifted the demand for fan products. The group is intensifying its effort to venture into new products and expand its current line-up to maintain its competitiveness. On top of that, we reckon that PMM would be potential beneficiary of discretionary spending from the government’s income boosting measures such as the EPF Account 3 and civil servants pay hike. Reiterate HOLD with unchanged TP of RM20.02 based on 13x of FY25 EPS. 

Analyst:
Syifaa’ Mahsuri Ismail
[%fVbt%]

$KLSE-PANAMY 
Research by HLIB
HOLD – TP RM20.02

"Broadly in line”

PMM registered 1QFY25 results with revenue of RM221.0m (+7% QoQ; -3% YoY) and core PAT of RM18.5m (+18% QoQ; -17% YoY). Overall, LASC segment chalked in moderation in sales which were due to softness in export market sales. HVAC performed better, benefitting from the warmer weather that lifted the demand for fan products. The group is intensifying its effort to venture into new products and expand its current line-up to maintain its competitiveness. On top of that, we reckon that PMM would be potential beneficiary of discretionary spending from the government’s income boosting measures such as the EPF Account 3 and civil servants pay hike. Reiterate HOLD with unchanged TP of RM20.02 based on 13x of FY25 EPS. 

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

$PANAMY / 3719 (PANASONIC MANUFACTURING MALAYSIA BERHAD)