[%pDSZ%]
Research by Kenanga
Outperform – TP RM12.60

“Motorbike Sales Zoom As Credit Eases"

HLIND’s 9MFY24 results beat our expectation. Its 9MFY24 core net profit rose 11% YoY driven by credit easing by motorcycle financiers from 3Q (Jan-Mar 2024), price hikes, and shift toward more premium products and strong margins from new models. We raise our FY24-25F net profit forecasts by 6% and 8%, respectively, lift our TP by 8% to RM12.60 (from RM11.70), and maintain our OUTPERFORM call.

Analyst:
Wan Mustaqim Bin Wan Ab Aziz 
[%QPDP%]

$KLSE-HLIND
Research by Kenanga
Outperform – TP RM12.60

“Motorbike Sales Zoom As Credit Eases"

HLIND’s 9MFY24 results beat our expectation. Its 9MFY24 core net profit rose 11% YoY driven by credit easing by motorcycle financiers from 3Q (Jan-Mar 2024), price hikes, and shift toward more premium products and strong margins from new models. We raise our FY24-25F net profit forecasts by 6% and 8%, respectively, lift our TP by 8% to RM12.60 (from RM11.70), and maintain our OUTPERFORM call.

Analyst:
Wan Mustaqim Bin Wan Ab Aziz 
wanmustaqim@kenanga.com.my

$HLIND / 3301 (HONG LEONG INDUSTRIES BERHAD)