[%ARHp%] 
Research by CGS
Hold – TP of MYR 1.53

“Demand recovery adequately priced in” 

Asia (ex-Malaysia) remains the largest market for BP Plastics Holding (BPP), accounting
for c.60% of FY23 revenues. Based on discussions with management, we think the
recovery in travel and tourism has benefited consumption in these key markets, resulting
in greater demand for packaging materials. BPP’s revenues have historically moved in line
with the manufacturing IPI for plastic packaging (Fig 4) and exports of plastic film and sheet
(Fig 5), which have grown at CAGRs of 3.6% and 7.1%, respectively, over 2012-19 (preCovid). Our FY24-26F revenue estimates bring its 3-year CAGR to 6.0%, in line with
historical trends.

Analyst(s):
Jeremy MOK
[%VGsM%]
Prem JEARAJASINGAM
[%hDEp%]

$KLSE-BPPLAS 
Research by CGS
Hold – TP of MYR 1.53

“Demand recovery adequately priced in” 

Asia (ex-Malaysia) remains the largest market for BP Plastics Holding (BPP), accounting
for c.60% of FY23 revenues. Based on discussions with management, we think the
recovery in travel and tourism has benefited consumption in these key markets, resulting
in greater demand for packaging materials. BPP’s revenues have historically moved in line
with the manufacturing IPI for plastic packaging (Fig 4) and exports of plastic film and sheet
(Fig 5), which have grown at CAGRs of 3.6% and 7.1%, respectively, over 2012-19 (preCovid). Our FY24-26F revenue estimates bring its 3-year CAGR to 6.0%, in line with
historical trends.

Analyst(s):
Jeremy MOK
jeremy.mok@cgsi.com
Prem JEARAJASINGAM
prem.jearajasingam@cgsi.com