[%EnCe%] 
Research by PB
Underperform – TP of MYR 0.86

“Within Expectations” 

SLP Resources Berhad (SLP) reported higher net profit of RM4.9m in 1QFY24 (+63.1% YoY) primarily owing to better product mix and higher output. Results were in-line with our and consensus estimates, accounting for 28% and 29% of full year estimates respectively. We keep our forecast unchanged and retain our Underperform call with higher target price of RM0.86 (from RM0.73 previously) as we rollover over valuation base to FY25. On a side note, SLP declared a 1st interim dividend of 1.00sen for FY24 (FY23: 1.00sen).

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

$KLSE-SLP 
Research by PB
Underperform – TP of MYR 0.86

“Within Expectations” 

SLP Resources Berhad (SLP) reported higher net profit of RM4.9m in 1QFY24 (+63.1% YoY) primarily owing to better product mix and higher output. Results were in-line with our and consensus estimates, accounting for 28% and 29% of full year estimates respectively. We keep our forecast unchanged and retain our Underperform call with higher target price of RM0.86 (from RM0.73 previously) as we rollover over valuation base to FY25. On a side note, SLP declared a 1st interim dividend of 1.00sen for FY24 (FY23: 1.00sen).

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