[%vtMu%] 
Research by RHB
Neutral - TP RM3.60

"Looking Forward To a Better FY25"

MaintainNEUTRALandMYR3.60TP(7%upside),c.3%FY25F(Jun)yield. FY24 core earnings of MYR306m (-4.4% YoY) were a slight miss, dragged by margin compression on additional input costs from expansions and new product development. At the current valuation, we believe Inari Amertron’s anticipated FY25 growth has been factored into the price and earnings growth projections, with potential downside in the event of any delays or execution risks. Hence, we prefer to accumulate at lower levels.

Analyst:
Lee Meng Horng 
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$KLSE-INARI 
Research by RHB
Neutral - TP RM3.60

"Looking Forward To a Better FY25"

MaintainNEUTRALandMYR3.60TP(7%upside),c.3%FY25F(Jun)yield. FY24 core earnings of MYR306m (-4.4% YoY) were a slight miss, dragged by margin compression on additional input costs from expansions and new product development. At the current valuation, we believe Inari Amertron’s anticipated FY25 growth has been factored into the price and earnings growth projections, with potential downside in the event of any delays or execution risks. Hence, we prefer to accumulate at lower levels.

Analyst:
Lee Meng Horng 
lee.meng.horng@rhbgroup.com