Despite recording a double-digit growth in the topline, the Group ended FY22 with a slight decline in the reported bottomline, down 4.9% YoY to RM7.8m. Excluding the one-off listing expense of RM2.8m and favourable foreign exchange gains of RM1.7m, the Group’s core profit of RM8.9m (YoY: +9%) would have met our expectations, making up 95% of full-year forecasts. No dividend was declared for the final quarter. In view of the limited upside potential, we downgrade our call from Outperform to Neutral though with a higher TP of RM0.73 (previously RM0.32) based on a higher PER of 32x after rolling over our valuations to FY24F as we expect to see stronger double-digit earnings growth for the next 3 years.
Source: PublicInvest Research - 29 Dec 2022
Chart | Stock Name | Last | Change | Volume |
---|
Created by PublicInvest | Mar 21, 2024