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Research by Kenanga
Market Perform – Target Price RM0.91

“Riding on Perodua’s Strong Sales”

HIL’s 9MFY23 results beat expectations on stronger-than-expected sales of auto parts to Perodua. To reflect our recent upgrade in Perodua’s vehicle sales in CY23 and CY24, we raise our FY23-24F net profit forecasts for HIL by 16% and 4%, respectively. Consequently, we lift our TP by 5% to RM0.91 (from RM0.87) and upgrade our call to MARKET PERFORM from UNDERPERFORM.

Analyst:
Wan Mustaqim Bin Wan Ab Aziz 
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$KLSE-HIL 
Research by Kenanga
Market Perform – Target Price RM0.91

“Riding on Perodua’s Strong Sales”

HIL’s 9MFY23 results beat expectations on stronger-than-expected sales of auto parts to Perodua. To reflect our recent upgrade in Perodua’s vehicle sales in CY23 and CY24, we raise our FY23-24F net profit forecasts for HIL by 16% and 4%, respectively. Consequently, we lift our TP by 5% to RM0.91 (from RM0.87) and upgrade our call to MARKET PERFORM from UNDERPERFORM.

Analyst:
Wan Mustaqim Bin Wan Ab Aziz 
wanmustaqim@kenanga.com.my