[%Nidx%] 
Research by Public Investment Bank
Neutral – Target Price RM7.78

“A Soft Start”

Stripping out i) foreign exchange gain (RM1.7m) and ii) net fair value gain on investment securities (RM3m), Chin Teck Plantations kick started 1QFY24 with core earnings of RM16.7m, down 30.4% YoY. Nevertheless, the weaker results were in line with our and the street full-year expectations, making up 26% and 25%, respectively. Maintain Neutral with a higher TP of RM7.78 after rolling over our valuations to FY25. A first interim dividend of 8sen and a special single-tier dividend of 4sen were declared for the quarter.

Analyst:
Chong Hoe Leong 
[%Disi%]

$KLSE-CHINTEK 
Research by Public Investment Bank
Neutral – Target Price RM7.78

“A Soft Start”

Stripping out i) foreign exchange gain (RM1.7m) and ii) net fair value gain on investment securities (RM3m), Chin Teck Plantations kick started 1QFY24 with core earnings of RM16.7m, down 30.4% YoY. Nevertheless, the weaker results were in line with our and the street full-year expectations, making up 26% and 25%, respectively. Maintain Neutral with a higher TP of RM7.78 after rolling over our valuations to FY25. A first interim dividend of 8sen and a special single-tier dividend of 4sen were declared for the quarter.

Analyst:
Chong Hoe Leong 
chonghoeleong@publicinvestbank.com

$CHINTEK / 1929 (CHIN TECK PLANTATIONS BERHAD)