[%xRzh%] 
Research by TA
Buy - TP RM4.10

"Results Missed on Higher-Than-Expected Costs"

After revising the earnings forecasts, we reduced the target price from RM4.43 to RM4.10 based on a PE multiple of 33.0x CY25F EPS and a 3% ESG premium. Maintain a Buy call on INARI.

Analyst:
Chan Mun Chun
[%DNQo%]

$KLSE-INARI 
Research by TA
Buy - TP RM4.10

"Results Missed on Higher-Than-Expected Costs"

After revising the earnings forecasts, we reduced the target price from RM4.43 to RM4.10 based on a PE multiple of 33.0x CY25F EPS and a 3% ESG premium. Maintain a Buy call on INARI.

Analyst:
Chan Mun Chun
mcchan@ta.com.my