[%TWzL%] 
Research by CGS
ADD – TP RM3.10

" Proposed acquisition: 11.54% of EP Manufacturing”

■ 1QFY25 results were within our and Bloomberg consensus estimates.
■ We believe the proposed acquisition of a 11.54% stake in EP Manufacturing could pave the way for future partnerships.
■ Reiterate Add with TP of RM3.10, implying a 12.4x CY25F P/E, below its historical mean of 12.9x, with attractive dividend yield of 9%.
■ This note marks the transfer of coverage to Jacquelyn Yow

Analyst: 
Jacquelyn YOW
[%KCQf%]

$KLSE-BAUTO 
Research by CGS
ADD – TP RM3.10

" Proposed acquisition: 11.54% of EP Manufacturing”

■ 1QFY25 results were within our and Bloomberg consensus estimates.
■ We believe the proposed acquisition of a 11.54% stake in EP Manufacturing could pave the way for future partnerships.
■ Reiterate Add with TP of RM3.10, implying a 12.4x CY25F P/E, below its historical mean of 12.9x, with attractive dividend yield of 9%.
■ This note marks the transfer of coverage to Jacquelyn Yow

Analyst: 
Jacquelyn YOW
jacquelyn.yow@cgsi.com