[%tBzk%] 
Research by CGSCIMB
Add (no change) - Target Price RM1.39

"Leaner operations but ASPs still pressured"

■ 9MFY23 core net profit of RM26.0m was above expectations at 80.9% of our FY23F estimate and 80.3% of Bloomberg consensus.
■ Newer, more efficient machines and demand from local F&B clients a boon to operating efficiencies. 9MFY23 EBITDA margin was 11.7%, up 2.0% pts yoy.
■ We reiterate our Add rating with a TP of RM1.39, based on an 11x CY24F P/E multiple, BPP’s average historical 1-year forward P/E.

Analyst:
Prem JEARAJASINGAM
[%UBFN%]

$KLSE-BPPLAS 
Research by CGSCIMB
Add (no change) - Target Price RM1.39

"Leaner operations but ASPs still pressured"

■ 9MFY23 core net profit of RM26.0m was above expectations at 80.9% of our FY23F estimate and 80.3% of Bloomberg consensus.
■ Newer, more efficient machines and demand from local F&B clients a boon to operating efficiencies. 9MFY23 EBITDA margin was 11.7%, up 2.0% pts yoy.
■ We reiterate our Add rating with a TP of RM1.39, based on an 11x CY24F P/E multiple, BPP’s average historical 1-year forward P/E.

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