[%RboL%] 
Research by Maybank
Sell – TP of MYR 1.00

“1Q24: Off to a decent start” 

1Q24 core PATMI was off to a decent start which met our/consensus expectations. Earnings are likely to play catch up in 2H24 on seasonally stronger FFB output. We make no change to our earnings forecasts. TP is kept at MYR1.00 on 11x FY24E PER, -1SD of 5Y mean. TSH remains a SELL due to a lack of short term catalyst. We prefer SOP MK (BUY, CP: MYR2.94, TP: MYR3.18).

Analyst(s):
Ong Chee Ting, CA
[%fvws%]

$KLSE-TSH 
Research by Maybank
Sell – TP of MYR 1.00

“1Q24: Off to a decent start” 

1Q24 core PATMI was off to a decent start which met our/consensus expectations. Earnings are likely to play catch up in 2H24 on seasonally stronger FFB output. We make no change to our earnings forecasts. TP is kept at MYR1.00 on 11x FY24E PER, -1SD of 5Y mean. TSH remains a SELL due to a lack of short term catalyst. We prefer SOP MK (BUY, CP: MYR2.94, TP: MYR3.18).

Analyst(s):
Ong Chee Ting, CA
ct.ong@maybank-ib.com