[%XKDM%]
Research by RHB
Neutral– TP RM 6.36

"CVS Boosted By Increased Spending”

 Maintain NEUTRAL and MYR6.36 TP, 2% downside. 1QFY25 (Mar) results met expectations on solid contributions across all business divisions. We keep our call given the forecasted pedestrian earnings growth from the elevated FY24 base, considering the challenges of the marine products manufacturing (MPM) division and heightened integrated livestock farming (ILF) earnings in FY24. Valuation remains lofty, warranted by the resilient nature of the well-diversified business model, but we do not see increasing appetite for defensive shelters to drive a valuation re-rating at this point

Analyst:
Soong Wei Siang
[%XJMe%]

$KLSE-QL
Research by RHB
Neutral– TP RM 6.36

"CVS Boosted By Increased Spending”

 Maintain NEUTRAL and MYR6.36 TP, 2% downside. 1QFY25 (Mar) results met expectations on solid contributions across all business divisions. We keep our call given the forecasted pedestrian earnings growth from the elevated FY24 base, considering the challenges of the marine products manufacturing (MPM) division and heightened integrated livestock farming (ILF) earnings in FY24. Valuation remains lofty, warranted by the resilient nature of the well-diversified business model, but we do not see increasing appetite for defensive shelters to drive a valuation re-rating at this point

Analyst:
Soong Wei Siang
soong.wei.siang@rhbgroup.com