Forecast unchanged. Given that the core earnings came in broadly within our
expectations, we maintained the forecasted earnings at RM50.6m, RM52.4m and
RM54.6m over FY24-26f.
Maintained BUY with TP of RM2.60. We maintained the Buy recommendation on
ASIAFLE, with a target price of RM2.60. The target price derived by ascribing a P/E
of 10.0x to FY24f EPS of 26.0 sen. Also, we like the group’s net cash position of
RM294.8m (74% of the current market cap of RM400.0m) as at 1HFY24.
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