[%DLKu%] 
Research by MIDF
Neutral – TP of MYR 2.20

“Performance Largely In-Line with Seasonal Factors” 

After excluding the change in fair value of biological assets and PPE written off, SPB’s core PATAMI came in only at RM7.9m (-14.1%yoy), despite a higher operating profit of RM14.1m (+3.7%yoy) recorded. While this is largely considered within our estimates, accounting for about 11% of full-year estimates, it’s worth noting that 1Q always the weakest results among the quarters due to low crop cyclicality. Notably, CPO production and sales volume were also down by -25.1% and -24.7% respectively, due to aforementioned factors.

Analyst(s):
MIDF Research Team
[%bQdl%]

$KLSE-SWKPLNT 
Research by MIDF
Neutral – TP of MYR 2.20

“Performance Largely In-Line with Seasonal Factors” 

After excluding the change in fair value of biological assets and PPE written off, SPB’s core PATAMI came in only at RM7.9m (-14.1%yoy), despite a higher operating profit of RM14.1m (+3.7%yoy) recorded. While this is largely considered within our estimates, accounting for about 11% of full-year estimates, it’s worth noting that 1Q always the weakest results among the quarters due to low crop cyclicality. Notably, CPO production and sales volume were also down by -25.1% and -24.7% respectively, due to aforementioned factors.

Analyst(s):
MIDF Research Team
research@midf.com.my

$SWKPLNT / 5135 (SARAWAK PLANTATION BERHAD)