[%gJxi%] 
Research by CGS
HOLD – TP RM1.45

" Earnings bottomed, but struggles continue”

■ We downgrade PWRT to Hold, as we cut our GGM-based TP by 34% to RM1.45 post-1QFY25 analyst briefing and relook at our assumptions.
■ Despite our positive view on PWRT’s local sales growth from improvement in private consumption, we expect its Middle East sales to continue to struggle.
■ We find PWRT’s implied CY26 P/E multiple of 13x reasonable with its Middle East struggles and higher input costs slowing down its earnings recovery.

Analyst: 
LEW Cheng Wei
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Prem JEARAJASINGAM
[%FXCs%]

$KLSE-PWROOT 
Research by CGS
HOLD – TP RM1.45

" Earnings bottomed, but struggles continue”

■ We downgrade PWRT to Hold, as we cut our GGM-based TP by 34% to RM1.45 post-1QFY25 analyst briefing and relook at our assumptions.
■ Despite our positive view on PWRT’s local sales growth from improvement in private consumption, we expect its Middle East sales to continue to struggle.
■ We find PWRT’s implied CY26 P/E multiple of 13x reasonable with its Middle East struggles and higher input costs slowing down its earnings recovery.

Analyst: 
LEW Cheng Wei
chengwei.lew@cgsi.com
Prem JEARAJASINGAM
prem.jearajasingam@cgsi.com