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Research by MIDF
NEUTRAL – TP RM3.25

"Keeping abreast of market demand”
Staying relevant with time-to-market concept. We are maintaining our NEUTRAL recommendation for Inari with an unchanged target price of RM3.25 post the briefing session on 4QFY24 results. The RF business will remain the group’s core business, making up around 60% of the total revenue. There is also active effort, since the pandemic, to reduce the dependency on RF business to around 50%. However, we view that in the foreseeable term, RF contribution to the group will stay around current level. To sustainably grow the business, Inari’s profit margin has taken a hit as seen in FY24 financial performances. We view that this should persist in the foreseeable term until better volume loading is observed. The effort to grow the business can also be seen in the capex and R&D commitment. 

Analyst:
Foo Chuan Loong, Martin
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$KLSE-INARI
Research by MIDF
NEUTRAL – TP RM3.25

"Keeping abreast of market demand”
Staying relevant with time-to-market concept. We are maintaining our NEUTRAL recommendation for Inari with an unchanged target price of RM3.25 post the briefing session on 4QFY24 results. The RF business will remain the group’s core business, making up around 60% of the total revenue. There is also active effort, since the pandemic, to reduce the dependency on RF business to around 50%. However, we view that in the foreseeable term, RF contribution to the group will stay around current level. To sustainably grow the business, Inari’s profit margin has taken a hit as seen in FY24 financial performances. We view that this should persist in the foreseeable term until better volume loading is observed. The effort to grow the business can also be seen in the capex and R&D commitment. 

Analyst:
Foo Chuan Loong, Martin
martin.foo@midf.com.my