External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

External broker reports(aggregated public sources)

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>MRDIY’s 1HFY23 results met expectations. While its top line moderated, its margins recovered.</li><li>It reiterated its guidance for a net addition of 180 stores in FY23 (YTD, it has added 88) and improved margins as freight charges normalise.</li><li>We maintain our forecasts and TP of RM1.67 but upgrade our call to OUTPERFORM from MARKET PERFORM as value has emerged after the recent weakness in its share price</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

MRDIY’s 1HFY23 results met expectations. While its top line moderated, its margins recovered.It reiterated its guidance for a net addition of 180 stores in FY23 (YTD, it has added 88) and improved margins as freight charges normalise.We maintain our forecasts and TP of RM1.67 but upgrade our call to OUTPERFORM from MARKET PERFORM as value has emerged after the recent weakness in its share priceContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Results Note - Mr D.I.Y Group Berhad - Margins Recover, Value Emerges

Malaysia

Mr D.I.Y. Group (M) Berhad operates a chain of department stores. The Company offers hardware, electrical, household, jewellery and cosmetics, stationery, toys, car accessories, and household products. Mr D.I.Y. Group (M) serves customers in Asia.