[%YsUO%] 
Research by Kenanga
OUTPERFORM – TP RM0.63

" New SKUs to Drive Growth ”

NOVA’s FY24 results disappointed. Its FY24 core net profit declined 25% on reduced sales and lower-than-expected margin. However, we remain upbeat on its prospects driven by higher production at its new plant and the recovery in consumer spending. We cut our FY25F net profit forecasts by 24%, reduce our TP by 10% to RM0.63 (from RM0.70) but reiterate our OUTPERFORM call.

Analyst:
Raymond Choo Ping Khoon 
 [%uRFB%]

$KLSE-NOVA 
Research by Kenanga
OUTPERFORM – TP RM0.63

" New SKUs to Drive Growth ”

NOVA’s FY24 results disappointed. Its FY24 core net profit declined 25% on reduced sales and lower-than-expected margin. However, we remain upbeat on its prospects driven by higher production at its new plant and the recovery in consumer spending. We cut our FY25F net profit forecasts by 24%, reduce our TP by 10% to RM0.63 (from RM0.70) but reiterate our OUTPERFORM call.

Analyst:
Raymond Choo Ping Khoon 
 pkchoo@kenanga.com.my

$NOVA / 0201 (NOVA WELLNESS GROUP BERHAD)