[%WOFB%] 
Research by Maybank
Buy - TP RM3.80

"4QFY24: Undershot expectations"

PAD’s 4QFY24 results fell short. Into FY25, we believe PAD’s mass market appeal, product affordability and down-trading benefits will offer some resilience against subdued consumer spending. Financial support from EPF Account 3 withdrawals may also spur spending. Our FY25E-FY26E earnings are reduced by 10%-11% and FY27E introduced. We lower TP to MYR3.80 (on unchanged 15x FY25E PER, mean). At 13x FY25E PER, PAD is trading at undemanding valuations, below its LT mean. With >10% upside potential, we U/G PAD to BUY. Its 1:2 proposed bonus issue is a positive.

Analyst:
Jade Tam
[%WAMf%]

$KLSE-PADINI 
Research by Maybank
Buy - TP RM3.80

"4QFY24: Undershot expectations"

PAD’s 4QFY24 results fell short. Into FY25, we believe PAD’s mass market appeal, product affordability and down-trading benefits will offer some resilience against subdued consumer spending. Financial support from EPF Account 3 withdrawals may also spur spending. Our FY25E-FY26E earnings are reduced by 10%-11% and FY27E introduced. We lower TP to MYR3.80 (on unchanged 15x FY25E PER, mean). At 13x FY25E PER, PAD is trading at undemanding valuations, below its LT mean. With >10% upside potential, we U/G PAD to BUY. Its 1:2 proposed bonus issue is a positive.

Analyst:
Jade Tam
jade.tam@maybank-ib.com