[%bjAw%] 
Research by HLIB
Buy (Maintain) – TP of RM2.04

“Record high revenue”

OSK reported 4Q23 RM97m (-21% QoQ; -20.1% YoY), which brought FY23’s sum to RM466.1m (+10.2% YoY). The results were within our expectation, making up 96.9% of our full year forecast. The group’s 4Q23 core earnings dipped both QoQ and YoY as a result of higher tax expenses during the quarter. On a full-year basis, the group achieved record high revenue, while its core earnings also showed strong improvement of +10.2% from the preceding year. Its respective business segments continue to deliver robust performance, especially from capital financing and industries. Maintain forecasts and BUY call with an unchanged TP of RM2.04 based on 30% discount to our SOP-derived value of RM2.91.

Analyst(s):
Tan Kai Shuen, CFA 
[%sITr%]

$KLSE-OSK 
Research by HLIB
Buy (Maintain) – TP of RM2.04

“Record high revenue”

OSK reported 4Q23 RM97m (-21% QoQ; -20.1% YoY), which brought FY23’s sum to RM466.1m (+10.2% YoY). The results were within our expectation, making up 96.9% of our full year forecast. The group’s 4Q23 core earnings dipped both QoQ and YoY as a result of higher tax expenses during the quarter. On a full-year basis, the group achieved record high revenue, while its core earnings also showed strong improvement of +10.2% from the preceding year. Its respective business segments continue to deliver robust performance, especially from capital financing and industries. Maintain forecasts and BUY call with an unchanged TP of RM2.04 based on 30% discount to our SOP-derived value of RM2.91.

Analyst(s):
Tan Kai Shuen, CFA 
kstan@hlib.hongleong.com.my