[%ATpo%] 
Research by RHB
TP of MYR0.66

“A New Player To The Game” 

MKH Oil Palm intends to raise MYR136.4m from its IPO, mainly to fund its expansion of landbank for oil palm plantation, upgrading works and the setup of PK crushing facility. MKHOP’s young topographical profile should boost its FFB output, propelling its 3-year earning CAGR of 25% from FY24F-26F. As such, we believe its valuation is attractive, with an implied P/E based on the IPO price of 12x 2025F, ie a 3x discount to its 4-year historical peer market cap weighted average of 15x. 

Analyst(s):
Hoe Lee Leng 
[%ullY%]

$KLSE-MKH 
Research by RHB
TP of MYR0.66

“A New Player To The Game” 

MKH Oil Palm intends to raise MYR136.4m from its IPO, mainly to fund its expansion of landbank for oil palm plantation, upgrading works and the setup of PK crushing facility. MKHOP’s young topographical profile should boost its FFB output, propelling its 3-year earning CAGR of 25% from FY24F-26F. As such, we believe its valuation is attractive, with an implied P/E based on the IPO price of 12x 2025F, ie a 3x discount to its 4-year historical peer market cap weighted average of 15x. 

Analyst(s):
Hoe Lee Leng 
hoe.lee.leng@rhbgroup.com