[%rJNr%]
Research by HLIB
Hold – TP RM1.44

“A disappointing start"

1Q24 core net profit of RM2.5m (-97.2% QoQ; >100% YoY) missed expectations, accounting for only 0.8-1.9% of consensus and our full-year estimates, due mainly to lower-than-expected FFB output. We cut our FY24 core net profit forecast by -18.1%, mainly to account for lower FFB output assumption. Post update of valuation parameters, we maintain our HOLD rating on FGV with a lower sum-of-parts TP of RM1.44.

Analyst:
Chye Wen Fei
[%VNNS%]

$KLSE-FGV
Research by HLIB
Hold – TP RM1.44

“A disappointing start"

1Q24 core net profit of RM2.5m (-97.2% QoQ; >100% YoY) missed expectations, accounting for only 0.8-1.9% of consensus and our full-year estimates, due mainly to lower-than-expected FFB output. We cut our FY24 core net profit forecast by -18.1%, mainly to account for lower FFB output assumption. Post update of valuation parameters, we maintain our HOLD rating on FGV with a lower sum-of-parts TP of RM1.44.

Analyst:
Chye Wen Fei
wfchye@hlib.hongleong.com.my