[%qMJf%] 
Research by RHB
Neutral - TP RM3.31

"Ending The Year On a Low Note"

KeepNEUTRAL,withnewMYR3.31TPfromMYR3.68,1%upside.Padini’s 4QFY24 (Jun) results missed estimates on softer-than-expected margin. We expect the soft GPM to persist amid aggressive promotions, driven by steep competition and soft consumer sentiment, while the operating cost environment is expected to remain elevated. Current at-mean valuation seems fair and has priced in the downside risk, supported by its sturdy balance sheet (net cash of MYR791m or MYR1.20/share as at FY24) and strong cash flow generation.

Analysts:
Tai Yu Jie
[%Bzmn%]
Soong Wei Siang 
[%PIEy%]

$KLSE-PADINI 
Research by RHB
Neutral - TP RM3.31

"Ending The Year On a Low Note"

KeepNEUTRAL,withnewMYR3.31TPfromMYR3.68,1%upside.Padini’s 4QFY24 (Jun) results missed estimates on softer-than-expected margin. We expect the soft GPM to persist amid aggressive promotions, driven by steep competition and soft consumer sentiment, while the operating cost environment is expected to remain elevated. Current at-mean valuation seems fair and has priced in the downside risk, supported by its sturdy balance sheet (net cash of MYR791m or MYR1.20/share as at FY24) and strong cash flow generation.

Analysts:
Tai Yu Jie
tai.yu.jie@rhbgroup.com
Soong Wei Siang 
soong.wei.siang@rhbgroup.com