Given the core net profit came in below expectations, we slashed our earnings by -35-42% to USD40.5m, USD46.3m and USD54.9m, respectively for FY23-25f taking into account softer ASP of FeSi and SiMn.

Meanwhile, we maintain our BUY recommendation on OMH, with a reduced target price at RM1.92 (-33% from RM2.86) and the target price is derived by assigning targeted P/E multiple of 7.0x to mid-FY24f 27.4 sen.