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Research by Kenanga
Outperform - TP RM2.90

"China’s Green Shoot of Recovery"

SIME’s FY24 results met our expectation but disappointed the market. Its FY24 core net profit jumped 15% YoY driven by its industrial and automative segments and consolidation of UMW’s earnings. The heavy price discounting drawback in the automotive market in China has started to see a green shoot of recovery. We maintain our forecasts, TP of RM2.90 and OUTPERFORM rating.

Analyst:
Wan Mustaqim Bin Wan Ab Aziz 
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$KLSE-SIME 
Research by Kenanga
Outperform - TP RM2.90

"China’s Green Shoot of Recovery"

SIME’s FY24 results met our expectation but disappointed the market. Its FY24 core net profit jumped 15% YoY driven by its industrial and automative segments and consolidation of UMW’s earnings. The heavy price discounting drawback in the automotive market in China has started to see a green shoot of recovery. We maintain our forecasts, TP of RM2.90 and OUTPERFORM rating.

Analyst:
Wan Mustaqim Bin Wan Ab Aziz 
wanmustaqim@kenanga.com.my