[%Soav%] 
Research by PB
Neutral - TP of RM1.46

"Commendable Finish"

BP Plastic Berhad (BPPLAS) reported a stronger quarter with 4QFY23 net profit of RM9.8m (+80.3% YoY, +35.4% QoQ) attributed to better product mix and favourable foreign exchange position. This brings full year FY23 net profit to RM35.2m, which came in largely in line with both our and consensus expectations, accounting for 116.7% and 107.9% of full-year estimates, respectively. No change to our forecasts. While we remain positive on the long-term prospects of BPPLAS and sustained demand for plastic packaging products, near-term outlook for the Group may continue to be challenged by weak industry dynamics. We maintain our Neutral call with an unchanged PE-based TP of RM1.46 (10x FY24 EPS). BPPLAS declared a final dividend of 1.5 sen, bringing total dividend for FY23 to 6.0sen (FY22: 5.5sen).

Analyst(s):
Denny Oh
[%mpnG%]

$KLSE-BPPLAS 
Research by PB
Neutral - TP of RM1.46

"Commendable Finish"

BP Plastic Berhad (BPPLAS) reported a stronger quarter with 4QFY23 net profit of RM9.8m (+80.3% YoY, +35.4% QoQ) attributed to better product mix and favourable foreign exchange position. This brings full year FY23 net profit to RM35.2m, which came in largely in line with both our and consensus expectations, accounting for 116.7% and 107.9% of full-year estimates, respectively. No change to our forecasts. While we remain positive on the long-term prospects of BPPLAS and sustained demand for plastic packaging products, near-term outlook for the Group may continue to be challenged by weak industry dynamics. We maintain our Neutral call with an unchanged PE-based TP of RM1.46 (10x FY24 EPS). BPPLAS declared a final dividend of 1.5 sen, bringing total dividend for FY23 to 6.0sen (FY22: 5.5sen).

Analyst(s):
Denny Oh
research@publicinvestbank.com.my