[%HfjB%] 
Research by Kenanga
OUTPERFORM – TP RM4.05

" Positioned for AI-Driven Growth”

INARI is positioned to capitalize on the roll-out of AI-capable smartphones and is expanding into China's recovering smartphone market through its YSIC-JV in Yiwu. The increasing demand for high-bandwidth optoelectronic devices in networks and data centers will further boosts the group's prospects. Following its soft FY24 results, we have revised down FY25/FY26 net profit forecasts by 15%/8%. Consequently, our target price has been adjusted to RM4.05 (on an unchanged 35x PER), maintaining our OUTPERFORM 
call. 

Analyst:  
Cheow Ming Liang
[%FmKk%]

$KLSE-INARI 
Research by Kenanga
OUTPERFORM – TP RM4.05

" Positioned for AI-Driven Growth”

INARI is positioned to capitalize on the roll-out of AI-capable smartphones and is expanding into China's recovering smartphone market through its YSIC-JV in Yiwu. The increasing demand for high-bandwidth optoelectronic devices in networks and data centers will further boosts the group's prospects. Following its soft FY24 results, we have revised down FY25/FY26 net profit forecasts by 15%/8%. Consequently, our target price has been adjusted to RM4.05 (on an unchanged 35x PER), maintaining our OUTPERFORM 
call. 

Analyst:  
Cheow Ming Liang
cheowml@kenanga.com.my