[%theR%]
Research by Maybank
BUY – TP RM 1.19

" 2Q24: Results beat; to gradually improve, in our view”

We deem Icon’s 2Q24 results a beat as it is now profitable (we expected losses). OCF has also improved. Thus, we raise FY24-26E earnings forecasts to MYR6m/62m/65m (from MYR4m/22m/26m) after: i) revising utilisation rate forecasts to 65%/80%/80% (from 72%/78%/78%); ii) EBITDA margin assumptions to 45%/54%/54% (from 42%/42%/42%); iii) DCR assumptions to MYR45k/57.5k/58k (from MYR45k/53.5k/55k). Our TP is raised to MYR1.19 (from MYR0.49), based on unchanged 12x FY25E PER. U/G to HOLD.

Analyst:
Jeremie Yap
[%JvcA%]

$ICON
Research by Maybank
BUY – TP RM 1.19

" 2Q24: Results beat; to gradually improve, in our view”

We deem Icon’s 2Q24 results a beat as it is now profitable (we expected losses). OCF has also improved. Thus, we raise FY24-26E earnings forecasts to MYR6m/62m/65m (from MYR4m/22m/26m) after: i) revising utilisation rate forecasts to 65%/80%/80% (from 72%/78%/78%); ii) EBITDA margin assumptions to 45%/54%/54% (from 42%/42%/42%); iii) DCR assumptions to MYR45k/57.5k/58k (from MYR45k/53.5k/55k). Our TP is raised to MYR1.19 (from MYR0.49), based on unchanged 12x FY25E PER. U/G to HOLD.

Analyst:
Jeremie Yap
jeremie.yap@maybank-ib.com