[%aNBr%] 
Research by CGS
HOLD – TP RM4.15 

" Upside hinges on rev-up of automotive unit”

■ We cut FY24-26F EPS by 17-24% to factor in weaker ATE shipment numbers amid soft automotive demand, and a relatively weak 1H24 performance.
■ Traction at its medical segment is encouraging with ramp-up of automation works for its main medtech customer, and onboarding of new customers.
■ Maintain Hold with a lower GGM-derived TP of RM4.15. We think the stock is fairly valued at 29.2x FY25F P/E 

Analyst:
Shafiq KADIR
[%ADlZ%]
Dharmini THURAISINGAM
[%iFGf%]

$KLSE-PENTA 
Research by CGS
HOLD – TP RM4.15 

" Upside hinges on rev-up of automotive unit”

■ We cut FY24-26F EPS by 17-24% to factor in weaker ATE shipment numbers amid soft automotive demand, and a relatively weak 1H24 performance.
■ Traction at its medical segment is encouraging with ramp-up of automation works for its main medtech customer, and onboarding of new customers.
■ Maintain Hold with a lower GGM-derived TP of RM4.15. We think the stock is fairly valued at 29.2x FY25F P/E 

Analyst:
Shafiq KADIR
shafiq.abkadir@cgsi.com
Dharmini THURAISINGAM
dharmini@cgsi.com

$PENTA / 7160 (PENTAMASTER CORPORATION BERHAD)