[%jjUw%] 
Research by HLIB
Hold – TP of MYR 1.07

“A decent start to FY24” 

1Q24 core net profit of RM22.7m (-13.8% QoQ; 11.3x YoY) accounted for 17.3- 20.4% of consensus and our full-year estimates. We consider the results within our expectation (but below consensus), as we anticipate seasonally stronger FFB output to drive earnings in subsequent quarters. Maintain earnings forecasts, TP of RM1.07 (based on unchanged 15x FY24 core EPS of 7.1 sen), and HOLD rating.

Analyst(s):
Chye Wen Fei
[%KzLC%]

$KLSE-TSH 
Research by HLIB
Hold – TP of MYR 1.07

“A decent start to FY24” 

1Q24 core net profit of RM22.7m (-13.8% QoQ; 11.3x YoY) accounted for 17.3- 20.4% of consensus and our full-year estimates. We consider the results within our expectation (but below consensus), as we anticipate seasonally stronger FFB output to drive earnings in subsequent quarters. Maintain earnings forecasts, TP of RM1.07 (based on unchanged 15x FY24 core EPS of 7.1 sen), and HOLD rating.

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