MARK - 4Q24 weaker, FY24 in-line

MARK - 4Q24 weaker, FY24 in-line Mark Dynamics Indonesia (MARK)’s 4Q24 revenue fell to IDR212 bn (-12.7% qoq), but FY24 rose to IDR910 bn (+62.7% yoy), below our estimate (92.6%) and slightly below consensus (99.3%), with Asia contributing 81.4% and Glove Moulds (74.4% of sales) down -14.6% qoq; GPM dropped to 39.8% due to weaker Glove Moulds margin and higher COGS from electricity and spare parts; 4Q24 net profit was IDR65 bn (-11.5% qoq), FY24 at IDR287 bn (+83.7% yoy), slightly below our estimate but in line with consensus—BUY maintained with TP IDR1,250 as rising utilization (66%) supports efficiency. (Source : Company, KBVS Research)