[%osQP%] 
Research by Kenanga
Outperform – TP of MYR 2.38

“Rising Top Line on Contained Cost” 

ULICORP’s 1QFY24 results met expectations. Its 1QFY24 core net profit surged 1.6x YoY on improved sales and lower input cost. It is poised to benefit from the construction boom with its breadand-butter cable support systems. We maintain our forecasts but raise our TP by 25% to RM2.38 (from RM1.91). Maintain OUTPERFORM.

Analyst(s):
Nigel Ng 
[%OxeW%]

$KLSE-ULICORP 
Research by Kenanga
Outperform – TP of MYR 2.38

“Rising Top Line on Contained Cost” 

ULICORP’s 1QFY24 results met expectations. Its 1QFY24 core net profit surged 1.6x YoY on improved sales and lower input cost. It is poised to benefit from the construction boom with its breadand-butter cable support systems. We maintain our forecasts but raise our TP by 25% to RM2.38 (from RM1.91). Maintain OUTPERFORM.

Analyst(s):
Nigel Ng 
nigel@kenanga.com.my

$ULICORP / 7133 (UNITED U-LI CORPORATION BERHAD)