$NOTION (0083.MY)$ Notion reported FY24 core PATAMI of RM56....

Notion reported FY24 core PATAMI of RM56.3m (+>100%), exceeding both our and consensus forecasts at 117% of our full-year projections. The positive surprise was primarily driven by stronger-than-expected sales, particularly in the HDD (+68.7%) and EMS (+79.1%) segments. Looking ahead to FY25, we expect Notion to sustain its upward momentum, with stronger performance anticipated in the EMS and automotive segments. We raise our FY25 and FY26 earnings by 9.6% and 8.9%, respectively, and introduce FY27 earnings. Following the earnings adjustment, we maintain our BUY call with a higher TP of RM2.98, based on 25x multiple on mid-CY26F earnings of 11.9 sen.

Above are Hong Leong Investment Bank latest report on Notion, TP RM2.98