[%NsmX%] 
Research by CGS
ADD – TP RM7.88

" Capacity expansion to come in FY25F”

■ 1H24 core net profit (ex. MFRS 129) of RM1.16bn was ahead at 55.7%/62.7% of our/Bloomberg consensus’ FY24F estimates.
■ 2Q24 revenue of RM6.09bn is a record high, with qoq growth observed across all countries (i.e. SG, MY, IND and Greater China) except Turkey.
■ We increase our FY24F EPS by 13.0% to adjust for better EBITDA margins and lower effective tax rate.
■ Reiterate Add with better profitability ahead from organic bed capacity expansion; SOP-based TP unchanged at RM7.88.

Analyst:
TAY Wee Kuang
[%JMFE%]

$KLSE-IHH 
Research by CGS
ADD – TP RM7.88

" Capacity expansion to come in FY25F”

■ 1H24 core net profit (ex. MFRS 129) of RM1.16bn was ahead at 55.7%/62.7% of our/Bloomberg consensus’ FY24F estimates.
■ 2Q24 revenue of RM6.09bn is a record high, with qoq growth observed across all countries (i.e. SG, MY, IND and Greater China) except Turkey.
■ We increase our FY24F EPS by 13.0% to adjust for better EBITDA margins and lower effective tax rate.
■ Reiterate Add with better profitability ahead from organic bed capacity expansion; SOP-based TP unchanged at RM7.88.

Analyst:
TAY Wee Kuang
weekuang.tay@cgsi.com