We start holding Multi-Code Electronics

We have monitored Multi-Code Electronics and seen a confirm grow path. With a PE of 6 times on the back of dividend yield better than FD. NTA of RM 1.63 as of recent quarter announcement. Multi-Code also announced a contract awarded by Proton with approximately 15 mil revenue a year. In view of continuous stable car sales trend in Malaysia and the region. We start holding Multico with a target price of RM 2.500.