[%eKvu%] 
Research by RHB
Sell – TP RM 0.76

"Soft End To FY24; Still SELL”

Still SELL,with newMYR0.76 TP from MYR0.81, 27% downside.Chin Well’s FY24 (Jun) results disappointed with weaker-than-expected topline and margin compression due to the loss of economies of scale and higher input costs. We cut our forecasts accordingly to reflect the softer numbers and persistently weak demand outlook. Current valuation (+1SD above the mean) remains lofty, and we believe the share price has yet to fully reflect the challenges ahead. 

Analyst:
Tai Yu Jie
[%Stja%]

$KLSE-CHINWEL 
Research by RHB
Sell – TP RM 0.76

"Soft End To FY24; Still SELL”

Still SELL,with newMYR0.76 TP from MYR0.81, 27% downside.Chin Well’s FY24 (Jun) results disappointed with weaker-than-expected topline and margin compression due to the loss of economies of scale and higher input costs. We cut our forecasts accordingly to reflect the softer numbers and persistently weak demand outlook. Current valuation (+1SD above the mean) remains lofty, and we believe the share price has yet to fully reflect the challenges ahead. 

Analyst:
Tai Yu Jie
tai.yu.jie@rhbgroup.com

$CHINWEL / 5007 (CHIN WELL HOLDINGS BERHAD)