Stock Digest - NOVA - Started FY24 on a weaker note

Downgrade to SELL, TP: RM0.57. With the downward revision in our earnings forecast, we downgrade NOVA to SELL (from Hold), with a target price of RM0.57 (from RM0.73) pegged to FY24f forecasted earnings. The target price is derived by ascribing a P/E of 14.0x to FY24f EPS of 4.07 sen. Meanwhile, NOVA has a dividend policy of distributing not less than 30.0% of its annual net profit after tax. 

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