[%XOys%] 
Research by Kenanga
OUTPERFORM – TP RM6.35

" Client Expansion Fuels Future”

PIE’s plan to gear up for mass production for a new client in CY25 at its largest facility, Plant 6, is on track. This will start with assembly before progressing to higher-margin SMT production. It has expanded capacity for Customer A, where its improved IC supply is expected to boost earnings. Additionally, PIE is focusing on higher- margin clients and exploring new business opportunities. We have reduced FY24/FY25 net profit forecast by 22%/6% and lowered our TP to RM6.35. but maintain our OUTPERFORM call.

Analyst:  
Cheow Ming Liang
[%MHFH%]

$KLSE-PIE 
Research by Kenanga
OUTPERFORM – TP RM6.35

" Client Expansion Fuels Future”

PIE’s plan to gear up for mass production for a new client in CY25 at its largest facility, Plant 6, is on track. This will start with assembly before progressing to higher-margin SMT production. It has expanded capacity for Customer A, where its improved IC supply is expected to boost earnings. Additionally, PIE is focusing on higher- margin clients and exploring new business opportunities. We have reduced FY24/FY25 net profit forecast by 22%/6% and lowered our TP to RM6.35. but maintain our OUTPERFORM call.

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