[%TjMe%] 
Research by HLIB
Hold (Maintain) – TP of RM0.36

“Missed the mark”

Evergreen’s 4Q23 core net loss of -RM19.9m (3Q23: RM4.2m; 4Q22: -RM17.7m) brought FY23’s sum to -RM33.4m (FY22: RM30.1m). Results came in well below our full year core net loss forecast of -RM6.5m. The negative deviation was due to lower-than-expected sales and highertaxation. We cut our FY24/25 forecasts by -5.6%/-4.7% to account for lower sales volume. We continue to remain cautious on consumer furniture demand recovery in view of still elevated interest rates in the US. All in all, we maintain HOLD with an unchanged TP of RM0.36 pegged to 0.3x P/B based on FY24 BVPS of RM1.20. 

Analyst(s):
Tan Je Jyne 
[%UqYS%]

$KLSE-EVERGRN 
Research by HLIB
Hold (Maintain) – TP of RM0.36

“Missed the mark”

Evergreen’s 4Q23 core net loss of -RM19.9m (3Q23: RM4.2m; 4Q22: -RM17.7m) brought FY23’s sum to -RM33.4m (FY22: RM30.1m). Results came in well below our full year core net loss forecast of -RM6.5m. The negative deviation was due to lower-than-expected sales and highertaxation. We cut our FY24/25 forecasts by -5.6%/-4.7% to account for lower sales volume. We continue to remain cautious on consumer furniture demand recovery in view of still elevated interest rates in the US. All in all, we maintain HOLD with an unchanged TP of RM0.36 pegged to 0.3x P/B based on FY24 BVPS of RM1.20. 

Analyst(s):
Tan Je Jyne 
jjtan@hlib.hongleong.com.my

$EVERGRN / 5101 (EVERGREEN FIBREBOARD BERHAD)