[%uZGC%] 
Research by PIB
Outperform – TP of MYR 4.90

“A Solid Start” 

Excluding i) PPE written off (RM0.2m), ii) net realized FX gain (RM1.7m) and minority interests, the group kick started 1QFY24 with steady core earnings of RM36.1m, making up 16.5% and 17.7% of our and the consensus full-year expectations. Despite the lower-than-expected results, we expect to see a strong catch-up in the subsequent quarters led by a stronger recovery in FFB production. Maintain Outperform call with a new SOP-based TP of RM4.90 after rolling over our valuation to FY25. A first DPS of 15sen was declared for the quarter (vs 1QFY23: 10sen).

Analyst(s):
Chong Hoe Leong
[%YVNU%]

$KLSE-TAANN 
Research by PIB
Outperform – TP of MYR 4.90

“A Solid Start” 

Excluding i) PPE written off (RM0.2m), ii) net realized FX gain (RM1.7m) and minority interests, the group kick started 1QFY24 with steady core earnings of RM36.1m, making up 16.5% and 17.7% of our and the consensus full-year expectations. Despite the lower-than-expected results, we expect to see a strong catch-up in the subsequent quarters led by a stronger recovery in FFB production. Maintain Outperform call with a new SOP-based TP of RM4.90 after rolling over our valuation to FY25. A first DPS of 15sen was declared for the quarter (vs 1QFY23: 10sen).

Analyst(s):
Chong Hoe Leong
chonghoeleong@publicinvestbank.com.my