Results support our BUY call. Earnings have rebounded to above pre-Thai flood levels, with 2QFY9/12 net profit of MYR16m. While 1HFY9/12 net profit made up 40% and 33% of our and consensus fullyear forecasts respectively, this is in line as we expect a much stronger 2HFY9/12. There is a long-term vacuum in the HDD supply chain which Notion is filling. We think the stock is under-appreciated as its share price is still below pre-flood levels. Maintain forecasts, BUY rating and TP of MYR1.40 (4x EV/EBITDA), pending an analyst briefing today.

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Source: Maybank Research - 18 May 2012