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Research by RHB
Buy (Maintained) – TP RM3.30

“Off To a Great Start; Maintain BUY"

Maintain BUY and MYR3.30 TP, 12% upside with c.3% FY24F yield. Sarawak Oil Palms’ 1Q24 earnings beat expectations, accounting for 28-34% of our and Street full-year forecasts. We continue to favour SOP for its upstream exposure, while valuations remain inexpensive – the stock is trading at 7.7x FY24F P/E, vs the peer range of 7-10x.

Analyst:
Hoe Lee Leng
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$KLSE-SOP
Research by RHB
Buy (Maintained) – TP RM3.30

“Off To a Great Start; Maintain BUY"

Maintain BUY and MYR3.30 TP, 12% upside with c.3% FY24F yield. Sarawak Oil Palms’ 1Q24 earnings beat expectations, accounting for 28-34% of our and Street full-year forecasts. We continue to favour SOP for its upstream exposure, while valuations remain inexpensive – the stock is trading at 7.7x FY24F P/E, vs the peer range of 7-10x.

Analyst:
Hoe Lee Leng
hoe.lee.leng@rhbgroup.com