RHB Revises Ratings For Inari
RHB Revises Ratings For Inari
Inari Amertron had its rating adjusted from Buy to Neutral and saw its target price of RM3.60 maintained, reflecting a potential downside of 7.3%, as cited by RHB Investment Bank (RHB), in its recent company Update. The analysis highlighted subdued near-term earnings growth due to margin pressures, despite anticipated boosts from new product lines and expansion plans set to drive FY25F performance.
Inari Amertron的评级从买入调整为中立，其目标价为RM3.60，反映潜在下行7.3%。这是RHB投资银行在其最近的公司更新中提到的。分析强调，在利润压力下，短期内收益增长趋缓，尽管有望实现来自新产品线和扩张计划的带动，以推动FY25F业绩。
RHB's decision to downgrade INRI to Neutral (from the previous BUY rating) stems from its peak valuation, currently trading at a forward Price-to-Earnings (P/E) of 34x, which is +2 standard deviations above its 5-year mean. The bank acknowledges INRI's growth prospects in the upcoming cycle but advises accumulation at lower price levels for an optimal investment strategy.
RHB将INRI的评级从之前的买入调降为中立，这是因为其峰值估值目前处于前瞻市盈率34倍，比其5年平均水平高出两个标准偏差。该银行认识到INRI在决定周期内的增长前景，但建议在更低价格区间内进行积累，以达到最优的投资策略。
The bank's Fiscal Year 2025 (FY25) earnings forecast anticipates 25% growth, supported by new smartphone technologies and expansions. However, risks include potential underperformance in smartphone sales amidst competitive pressures and geopolitical tensions affecting production yields and costs.
银行在其2025财年（FY25）盈利预测中预计25%的增长，支持新型智能手机技术和扩张计划。然而，风险包括智能手机销售可能表现不佳，受竞争压力和地缘政治紧张局势影响的生产收益和成本。
Despite recent market optimism driving a Year-to-Date (YTD) price rally of 28.9%, RHB underscores the risks associated with INRI's high valuation and advises cautious investment amidst uncertainties in global smartphone demand and operational challenges.
尽管最近市场乐观情绪推动INRI的年初至今价格上涨了28.9%，RHB强调了INRI高估值的风险，并建议在全球智能手机需求和运营挑战不确定性存在的情况下谨慎投资。
RHB maintains its target price at RM3.60, reflecting a 31x P/E (+1.5 standard deviations from its 5-year mean) including a 2% Environmental, Social, and Governance (ESG) premium due to INRI's above-average ESG score of 3.1. Investors are advised to monitor developments closely, particularly around sales performance and production efficiencies, to gauge future investment decisions.
RHB将目标价维持在RM3.60，该目标价反映31倍的P/E（比其5年平均水平高出1.5个标准偏差），包括2%的环境、社会和治理（ESG）溢价，由于INRI的ESG评分高于平均水平，为3.1分。建议投资者密切关注销售业绩和生产效率等发展动态，以评估未来的投资决策。