[%yNpv%] 
Research by MIDF
Buy - TP RM0.58

"Quarterly Profit Margin Surged to Almost 30%"

• Maintain BUY with a revised target price of RM0.58 post the announcement on 1QFY25 financial results
• 1QFY25 normalised earnings surged +40.3%yoy to RM26.5m, supported by higher revenue as well as healthier profit margin
• No surprises in 1QFY25 financial performance as it tracked our expectation at 27.1% of full year FY25 earnings estimates
• While government contracts will remain the staple, new programs and initiatives on the global front will partially mitigate the risk

Analyst:
Foo Chuan Loong, Martin
[%ZUwC%]

$KLSE-DSONIC 
Research by MIDF
Buy - TP RM0.58

"Quarterly Profit Margin Surged to Almost 30%"

• Maintain BUY with a revised target price of RM0.58 post the announcement on 1QFY25 financial results
• 1QFY25 normalised earnings surged +40.3%yoy to RM26.5m, supported by higher revenue as well as healthier profit margin
• No surprises in 1QFY25 financial performance as it tracked our expectation at 27.1% of full year FY25 earnings estimates
• While government contracts will remain the staple, new programs and initiatives on the global front will partially mitigate the risk

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