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Research by RHB
Neutral– TP RM 0.52

"Still In The Doldrums; D/G To NEUTRAL”

D/G to NEUTRAL from Buy, new MYR0.52 TP (from MYR0.78), 4% downside. JHM Consolidation’s 1H24 results disappointed on lower-thanexpected revenue and margins. We now expect FY24 to be in the red and believe that business will only pick up significantly towards end-FY24 and in FY25, given the delays in the mass production of new automotive products and slower recovery in the semiconductor sector. We downgrade our rating on the lacklustre business outlook. However, the distressed price level may have reflected the negativity.

Analyst:
Lee Meng Horng
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$KLSE-JHM
Research by RHB
Neutral– TP RM 0.52

"Still In The Doldrums; D/G To NEUTRAL”

D/G to NEUTRAL from Buy, new MYR0.52 TP (from MYR0.78), 4% downside. JHM Consolidation’s 1H24 results disappointed on lower-thanexpected revenue and margins. We now expect FY24 to be in the red and believe that business will only pick up significantly towards end-FY24 and in FY25, given the delays in the mass production of new automotive products and slower recovery in the semiconductor sector. We downgrade our rating on the lacklustre business outlook. However, the distressed price level may have reflected the negativity.

Analyst:
Lee Meng Horng
lee.meng.horng@rhbgroup.com