Excluding foreign exchange (FX) gains amounting to RM15.3m, Inari Amertron (Inari) registered a lower core profit of RM307.9m (YoY: -16.2%) for FY23, dragged by weaker sales contributions from all core segments. The results were below our and market expectations, making up only 88% and 93% of full-year numbers, respectively. Despite the weaker-than expected results for FY23, we retain our FY24-26F earnings forecasts as we expect to see a strong recovery in semiconductor sales next year, boosted by new contributions from its JV in China, and new product launches. We reiterate our Outperform call with an unchanged TP of RM3.53 based on 35x FY24 EPS. A lower fourth DPS of 2sen (vs 4QFY22: 2.2sen) was declared for the quarter, bringing the full-year DPS to 8.2sen (FY22: 10sen).
Source: PublicInvest Research - 30 Aug 2023
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INARICreated by PublicInvest | Jul 02, 2024