[%ZJiU%] 
Research by CGS
Add - TP RM3.28

"Solid industrial division"

■ FY6/24F core net profit came in within our expectations, at 98% of our FY24F forecast vs. 102% of Bloomberg consensus.
■ Industrial division continues to outperform, despite weak contributions from the motor division (especially in China).
■ We expect its industrial division to remain strong, as well as higher contributions from non-China motor, in particular the recently acquired UMW.
■ Reiterate Add, with an unchanged SOP-based TP of RM3.28. This note marks the transfer of coverage to Jacquelyn Yow.

Analyst:
Jacquelyn YOW
E [%ymUo%]

$KLSE-SIME 
Research by CGS
Add - TP RM3.28

"Solid industrial division"

■ FY6/24F core net profit came in within our expectations, at 98% of our FY24F forecast vs. 102% of Bloomberg consensus.
■ Industrial division continues to outperform, despite weak contributions from the motor division (especially in China).
■ We expect its industrial division to remain strong, as well as higher contributions from non-China motor, in particular the recently acquired UMW.
■ Reiterate Add, with an unchanged SOP-based TP of RM3.28. This note marks the transfer of coverage to Jacquelyn Yow.

Analyst:
Jacquelyn YOW
E jacquelyn.yow@cgsi.com