[%Qxhm%]
Research by Maybank
Buy – TP RM3.18

“1Q24: A surprisingly strong start to the new financial year"

1Q24 core PATMI exceeded our expectation, boosted by better output and inventory drawdown that lifted sales. We expect a seasonal slowdown in 2Q earnings before catching up again in 2H as output peaks seasonally in Q3. Excluding its MYR1.0b net cash, SOP trades at just 6.2x FY24E PER. We make no change to our EPS forecasts. Maintain BUY and TP of MYR3.18 on 11x FY24E PER, its 8Y mean.

Analyst:
Ong Chee Ting, CA
[%uUQY%]

$KLSE-SOP
Research by Maybank
Buy – TP RM3.18

“1Q24: A surprisingly strong start to the new financial year"

1Q24 core PATMI exceeded our expectation, boosted by better output and inventory drawdown that lifted sales. We expect a seasonal slowdown in 2Q earnings before catching up again in 2H as output peaks seasonally in Q3. Excluding its MYR1.0b net cash, SOP trades at just 6.2x FY24E PER. We make no change to our EPS forecasts. Maintain BUY and TP of MYR3.18 on 11x FY24E PER, its 8Y mean.

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