[%HfTT%] 
Research by HLIB
BUY – TP RM6.03

"Strong healthcare momentum”

Overall in 1H24 Consumer Goods performance was flat YoY, while Healthcare and Others segment registered growth. Despite softened demand for some international brands due to the “boycott sentiment” following the conflict in the Middle East, DKSH observed a strong pick up in local products. Healthcare momentum continues to be strong, with the on-boarding of six new clients in 2Q24 and management reiterates its confidence that this segment will perform well for the remainder of the year. As of end of 2Q24, Famous Amos had a total of 94 outlets and management attributes the increase in sales to the constant refresh of its store portfolio to secure the most strategic locations. Forecasts are unchanged, TP is maintained at RM6.03, derived using a P/E multiple of 6.7x (at +1.5SD of DKSH’s 5-year average) on its FY24f EPS. Maintain BUY.

Analyst: 
Syifaa’ Mahsuri Ismail
[%ULrX%]

$KLSE-DKSH 
Research by HLIB
BUY – TP RM6.03

"Strong healthcare momentum”

Overall in 1H24 Consumer Goods performance was flat YoY, while Healthcare and Others segment registered growth. Despite softened demand for some international brands due to the “boycott sentiment” following the conflict in the Middle East, DKSH observed a strong pick up in local products. Healthcare momentum continues to be strong, with the on-boarding of six new clients in 2Q24 and management reiterates its confidence that this segment will perform well for the remainder of the year. As of end of 2Q24, Famous Amos had a total of 94 outlets and management attributes the increase in sales to the constant refresh of its store portfolio to secure the most strategic locations. Forecasts are unchanged, TP is maintained at RM6.03, derived using a P/E multiple of 6.7x (at +1.5SD of DKSH’s 5-year average) on its FY24f EPS. Maintain BUY.

Analyst: 
Syifaa’ Mahsuri Ismail
syifaa@hlib.hongleong.com.my

$DKSH / 5908 (DKSH HOLDINGS (MALAYSIA) BERHAD)