GDP growth accelerated. GDP growth rose further to a higher-than-expected 5.6% in 1Q after accelerating to 5.4% in 4Q from 5.0% in 3Q (Mansek: 5.5%; Consensus: 5.4%; Exhibit 1). Domestic demand contribution rose to 6.1 percentage points (pp) from 5.2pp.

We have lowered our FY26-27F net profit by 24-37% after imputing the new guidance from the management.

IOH saw the headline price increases of 6.7-46.7% MoM across its flagship product, though it was followed by quota additions that ultimately lowered the data yield.