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Research by Public
Outperform - TP RM4.54

"Broadly In Line"

Stripping out i) net forex loss (RM2m), ii) ESOS expense (RM7m) and iii) writedown of inventory (RM1m) and minority interests (RM-0.4m), Inari Amertron (Inari) registered a lower FY24 core net profit of RM310.2m, down 4.1% YoY. The weaker results were attributed to higher electricity cost and early staging of new products. The results were in line with our full-year expectation but below the street consensus, making up only 92%. Due to our housekeeping changes, we tweak our FY25-27F numbers by 1%. Maintain Outperform call with a new TP of RM4.54 based on 37x FY26 EPS. A 4th DPS of 1.4sen (vs 4QFY23: 2sen) was declared for the quarter, bringing the FY24 DPS to 7.7sen (vs FY23: 8.2sen)

Analyst:
Chong Hoe Leong
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$KLSE-INARI 
Research by Public
Outperform - TP RM4.54

"Broadly In Line"

Stripping out i) net forex loss (RM2m), ii) ESOS expense (RM7m) and iii) writedown of inventory (RM1m) and minority interests (RM-0.4m), Inari Amertron (Inari) registered a lower FY24 core net profit of RM310.2m, down 4.1% YoY. The weaker results were attributed to higher electricity cost and early staging of new products. The results were in line with our full-year expectation but below the street consensus, making up only 92%. Due to our housekeeping changes, we tweak our FY25-27F numbers by 1%. Maintain Outperform call with a new TP of RM4.54 based on 37x FY26 EPS. A 4th DPS of 1.4sen (vs 4QFY23: 2sen) was declared for the quarter, bringing the FY24 DPS to 7.7sen (vs FY23: 8.2sen)

Analyst:
Chong Hoe Leong
chonghoeleong@publicinvestbank.com.my