Forecast unchanged. Given that the core earnings came in within expectations, we maintained the forecasted earnings at RM11.4m and RM12.0m for FY24f-25f.
Downgrade to HOLD with TP at RM0.925. Given the recent rally in share price prior to the release of the financial results, we downgrade to HOLD with an unchanged TP of RM0.925. The target price is derived by ascribing a P/E of 14.0x to FY24f EPS of 6.6 sen. However, we have revised upwards the dividend payout ratio to 75% (from 60%), translating to DPS of 5.0-5.2 sen over the next two years.