[%UPOr%]
Research by HLIB
Buy - TP RM3.03

"Impacted by higher costs"

GenM registered 1HFY24 core PATMI of RM286.3m (+173.8% YoY), making up 28%/35% of our/consensus full year forecast. The key negative deviation to our forecast was mainly due to lower-than-expected revenue, alongside higher-
than-expected finance costs and taxes. Going forward, we anticipate that GenM will continue to reap the advantages of the recovery in foreign visitations. We lowered our FY24f/25f/26f by 28%/24%/23% to mainly reflect lower revenue, higher finance and tax expenses assumptions. We maintain BUY rating on GenM with a lower SOP-derived TP of RM3.03.

Analyst:
Chee Kok Siang
[%XgYs%]

$KLSE-GENM
Research by HLIB
Buy - TP RM3.03

"Impacted by higher costs"

GenM registered 1HFY24 core PATMI of RM286.3m (+173.8% YoY), making up 28%/35% of our/consensus full year forecast. The key negative deviation to our forecast was mainly due to lower-than-expected revenue, alongside higher-
than-expected finance costs and taxes. Going forward, we anticipate that GenM will continue to reap the advantages of the recovery in foreign visitations. We lowered our FY24f/25f/26f by 28%/24%/23% to mainly reflect lower revenue, higher finance and tax expenses assumptions. We maintain BUY rating on GenM with a lower SOP-derived TP of RM3.03.

Analyst:
Chee Kok Siang
cheeks@hlib.hongleong.com.my