[%WMiD%]
Research by CGS
Hold (no change) – TP RM1.57

“1Q24 in line despite higher production costs"

■ 1Q24 core net profit of RM7.7m was within expectations at 21.1% of our FY24F estimates. We expect further demand recovery moving into 2H24F.
■ BPP’s Board of Directors proposed a 1.5 sen first interim dividend which is within our forecasts. We estimate FY24-26F yields of c.4-5%.
■ Reiterate Hold with TP of RM1.57 based on 11x CY25F P/E (its historical mean). Market has adequately priced in an earnings recovery, in our view.

Analysts:
Jeremy MOK
E [%ZUyX%] 
Prem JEARAJASINGAM
E [%KjKU%]

$KLSE-BPPLAS
Research by CGS
Hold (no change) – TP RM1.57

“1Q24 in line despite higher production costs"

■ 1Q24 core net profit of RM7.7m was within expectations at 21.1% of our FY24F estimates. We expect further demand recovery moving into 2H24F.
■ BPP’s Board of Directors proposed a 1.5 sen first interim dividend which is within our forecasts. We estimate FY24-26F yields of c.4-5%.
■ Reiterate Hold with TP of RM1.57 based on 11x CY25F P/E (its historical mean). Market has adequately priced in an earnings recovery, in our view.

Analysts:
Jeremy MOK
E jeremy.mok@cgsi.com 
Prem JEARAJASINGAM
E prem.jearajasingam@cgsi.com