[%KWpA%] 
Research by Kenanga
Outperform - TP of RM1.91

"Stronger Earnings Pick-up in FY24"

ULICORP’s FY23 results missed our forecast on weak deliveries in 4Q. Its FY23 core net profit grew 9% driven by lower input cost. Its near-term earnings prospects remain strong on the back of a booming construction market. We cut our FY24F net profit forecast by 12%, reduce our TP by 12% to RM1.91 (from RM2.18) but maintain our OUTPERFORM call.

Analyst(s):
Nigel Ng 
[%qxfs%]

$KLSE-ULICORP 
Research by Kenanga
Outperform - TP of RM1.91

"Stronger Earnings Pick-up in FY24"

ULICORP’s FY23 results missed our forecast on weak deliveries in 4Q. Its FY23 core net profit grew 9% driven by lower input cost. Its near-term earnings prospects remain strong on the back of a booming construction market. We cut our FY24F net profit forecast by 12%, reduce our TP by 12% to RM1.91 (from RM2.18) but maintain our OUTPERFORM call.

Analyst(s):
Nigel Ng 
nigel@kenanga.com.my

$ULICORP / 7133 (UNITED U-LI CORPORATION BERHAD)