HART’s 2QFY25 core net profit of MYR30.8m (+14% YoY, -6% QoQ) was below
our and consensus estimates, primarily due to the sudden strengthening
of MYR against USD in July-Sep 2024. However, 2HFY25E earnings should
improve, driven by higher sales volume, increased ASP and stablising
USD/MYR rate. We revise our FY25-27E earnings forecasts by -13% to +41%
and TP to MYR4.31 (+3sen; on unchanged 3x CY26E P/B). BUY.