PLANTATION
[%uPHT%] [%UVEx%] 
Research by HLIB
Neutral

“1Q24 results preview”

During 1Q24, 4 out of 7 planters under our coverage registered lower FFB output (namely FGV, HSP, IOI, and TSH), while KLK and SDPL registered respectable YoY FFB output growth of 8.3-8.5%. Planters with higher exposure in Indonesia likely fared better than those in Malaysia (particularly those with heavier exposure in Sabah), due to rains in Sabah during Jan-Feb. Performance at downstream segment likely weakened on a YoY basis, due to high base effect SPLY and weak near-term demand prospects.

Analyst(s):
CHYE Wen Fei
[%UOzL%]

PLANTATION
$KLSE-IOICORP $KLSE-HSPLANT 
Research by HLIB
Neutral

“1Q24 results preview”

During 1Q24, 4 out of 7 planters under our coverage registered lower FFB output (namely FGV, HSP, IOI, and TSH), while KLK and SDPL registered respectable YoY FFB output growth of 8.3-8.5%. Planters with higher exposure in Indonesia likely fared better than those in Malaysia (particularly those with heavier exposure in Sabah), due to rains in Sabah during Jan-Feb. Performance at downstream segment likely weakened on a YoY basis, due to high base effect SPLY and weak near-term demand prospects.

Analyst(s):
CHYE Wen Fei
wfchye@hlib.hongleong.com.my

$HSPLANT / 5138 (HAP SENG PLANTATIONS HOLDINGS BERHAD)