Inari Amertron Berhad (Inari) 3Q23’s core profit plunged by 50% QoQ and 42% YoY to RM57.4mn due to lower volume loadings across all business segments amid softening in global demand for consumer electronics. Overall, 9M23’s core profit of RM257.2mn (- 16% YoY) trailed our and consensus estimates, accounting for 55% and 66% of full year forecast respectively. Given Inari’s significant exposure in smartphone products which represents 60%-65% of revenue, it outlook is expected to remain challenging due to softer demand for smartphone products worldwide. We slashed our FY23F - FY25F earnings forecast between 32% - 39% as we revised down our revenue across all business segments. Downgrade our call to a HOLD from a BUY with a new lower TP of RM2.25 (from RM3.75). Our valuation implies a 26x PER (0.5-SD below mean of 5-year average historical forward PER) pegged to FY24F of 8.6 sen.
Source: BIMB Securities Research - 26 May 2023
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INARICreated by kltrader | Jul 17, 2024
Created by kltrader | Jul 17, 2024
Created by kltrader | Jul 17, 2024