[%bIdT%] 
Research by MIDF
Neutral - TP RM3.25

"Subdued Profit Margin in Pursuit of New Business"

• Maintain NEUTRAL with a revised target price of RM3.25 post the 4QFY24 results announcement
• Cumulative FY24 normalised earnings of RM302.1m (-1.9%yoy) came in below our expectation
• Commendable growth in revenue as management introduce new offerings, albeit at the expense of profit margin
• Consistent cash reserve of above the RM2b level may translate into pressing need for M&A

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

$KLSE-INARI 
Research by MIDF
Neutral - TP RM3.25

"Subdued Profit Margin in Pursuit of New Business"

• Maintain NEUTRAL with a revised target price of RM3.25 post the 4QFY24 results announcement
• Cumulative FY24 normalised earnings of RM302.1m (-1.9%yoy) came in below our expectation
• Commendable growth in revenue as management introduce new offerings, albeit at the expense of profit margin
• Consistent cash reserve of above the RM2b level may translate into pressing need for M&A

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