Excluding net foreign exchange (FX) loss amounting to RM7.7m and gain on disposal of PPE (RM0.2m), Inari Amertron (Inari) registered a lower 1HFY24 core profit of RM179.5m, down 11.7% YoY. The weaker results were attributed to an increase in electricity rates as well as losses in work-inprogress items arising from unstable glitches in electricity supply from the grid in 1QFY24. Nevertheless, the results were in line with our and market expectations, making up about 48% of full-year numbers, respectively. We reiterate our Outperform call with an unchanged TP of RM3.62 based on 35x FY25 EPS. A second DPS of 2.2sen (vs 2QFY23: 2.6sen) was declared for the quarter.
Source: PublicInvest Research - 27 Feb 2024
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