[%BaTf%] 
Research by Maybank
Hold - TP RM3.30

"4QFY24: Another tough year"

Inari’s delivered a subdued set of results in 4QFY24 as it grappled with margin compression, primarily from efforts to diversify its customer base. We introduce FY27E and lower our earnings estimates for FY25-26E by 5%-10%. Our TP is also lowered to MYR3.30 (-10sen) as we roll-forward valuations to FY26E. Our TP is now pegged to 29x FY26E PER, at LT mean (from 32x FY25E PER, +0.5SD previously). Risk-reward remains balanced.

Analyst:
Anand Pathmakanthan
[%sTFb%]
Arvind Jayaratnam
[%OQOT%]

$KLSE-INARI 
Research by Maybank
Hold - TP RM3.30

"4QFY24: Another tough year"

Inari’s delivered a subdued set of results in 4QFY24 as it grappled with margin compression, primarily from efforts to diversify its customer base. We introduce FY27E and lower our earnings estimates for FY25-26E by 5%-10%. Our TP is also lowered to MYR3.30 (-10sen) as we roll-forward valuations to FY26E. Our TP is now pegged to 29x FY26E PER, at LT mean (from 32x FY25E PER, +0.5SD previously). Risk-reward remains balanced.

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