[%sRlb%] 
Research by CGSCIMB
Add (no change) – Target Price RM0.75

“Keep a lookout for a better 2QFY4/24F”

•	We deem 1QFY4/24 core net profit of RM0.6m in line with our full-year core net profit forecast of RM25m as we expect margins to widen from 2QFY24F. 
•	Sequential operating margin recovery leads us to believe that stable pulp prices and higher capacity utilisation will drive FY24-26F EPS CAGR of 63%. 
•	Reiterate Add, with an unchanged GGM-based TP of RM0.75.

Analyst:
Prem JEARAJASINGAM 
[%qptg%]

$KLSE-NTPM 
Research by CGSCIMB
Add (no change) – Target Price RM0.75

“Keep a lookout for a better 2QFY4/24F”

•	We deem 1QFY4/24 core net profit of RM0.6m in line with our full-year core net profit forecast of RM25m as we expect margins to widen from 2QFY24F. 
•	Sequential operating margin recovery leads us to believe that stable pulp prices and higher capacity utilisation will drive FY24-26F EPS CAGR of 63%. 
•	Reiterate Add, with an unchanged GGM-based TP of RM0.75.

Analyst:
Prem JEARAJASINGAM 
prem.jearajasingam@cgs-cimb.com