[%tZBg%] 
Research by Kenanga
Outperform – TP of MYR 1.16

“A Japanese Delight” 

SLP’s 1QFY24 results beat expectations. Its 1QFY23 core net profit soared 64% on an improved product mix. We expect sustained recovery driven by the export of kitchen bags and garbage bags to Japan. We raise our FY24F and FY25F earnings forecasts by 13% and 12%, respectively, lift our TP by 10% to RM1.16 (from RM1.06) and maintain our OUTPERFORM call.

Analyst(s):
Clement Chua 
[%Vlcq%]

$KLSE-SLP 
Research by Kenanga
Outperform – TP of MYR 1.16

“A Japanese Delight” 

SLP’s 1QFY24 results beat expectations. Its 1QFY23 core net profit soared 64% on an improved product mix. We expect sustained recovery driven by the export of kitchen bags and garbage bags to Japan. We raise our FY24F and FY25F earnings forecasts by 13% and 12%, respectively, lift our TP by 10% to RM1.16 (from RM1.06) and maintain our OUTPERFORM call.

Analyst(s):
Clement Chua 
clement.chua@kenanga.com.my