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Research by CGS
Add - TP RM3.00

"Signs of order slowdown in 5QFY24"

■ 5QFY6/24 core net profit fell 37% yoy due to weaker revenues related to EV customers as orders decelerated. 15MFY24 profits were a slight miss.
■ We expect further revenue decline in 1HFY25F and a recovery from 3QFY25F onwards as policy overhang dissipates.
■ Reiterate Add with a GGM-based TP of RM3.00. Recent sell-down appears overdone to us. Valuation at 14.1x FY25F P/E looks attractive to us.

Analyst:
Shafiq KADIR
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Dharmini THURAISINGAM
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$KLSE-GENETEC
Research by CGS
Add - TP RM3.00

"Signs of order slowdown in 5QFY24"

■ 5QFY6/24 core net profit fell 37% yoy due to weaker revenues related to EV customers as orders decelerated. 15MFY24 profits were a slight miss.
■ We expect further revenue decline in 1HFY25F and a recovery from 3QFY25F onwards as policy overhang dissipates.
■ Reiterate Add with a GGM-based TP of RM3.00. Recent sell-down appears overdone to us. Valuation at 14.1x FY25F P/E looks attractive to us.

Analyst:
Shafiq KADIR
shafiq.abkadir@cgsi.com 
Dharmini THURAISINGAM
dharmini@cgsi.com

$GENETEC / 0104 (GENETEC TECHNOLOGY BERHAD)